Transocean Ltd. Board Nominates New Director

Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that the Board of Directors is recommending that the company's shareholders approve at the 2011 Annual General Meeting the election of Steve Lucas as a Class III Director for a three-year term. Mr. Lucas is the retired Group Finance Director of National Grid plc and has previously served in a variety of finance roles with the Lattice Group plc., the BG Group plc and Royal Dutch/Shell.

As previously announced, the Board of Directors is also recommending that the company's shareholders at the 2011 Annual General Meeting approve:

-- The re-election of Ian C. Strachan and Martin B. McNamara as Class III Directors for three-year terms.

-- The election of Jagjeet S. Bindra as a Class III Director for a three-year term. Mr. Bindra is the retired President of Chevron Global Manufacturing and has previously served in a variety of positions at Chevron group.

-- The election of Tan Ek Kia as a Class I Director for a one-year term. Mr. Tan is the retired Vice President, Ventures and Developments, Asia Pacific and Middle East Region of Shell Chemicals, and has previously served in a variety of positions at Shell group.

The 2011 Annual General Meeting, which will open to shareholders of record as of April 26, 2011, will be held at 4 p.m., CET, on May 13, 2011, in Cham, Switzerland. Additional details on the meeting will be provided to shareholders in the company's proxy statement.

Forward-Looking Statements

Statements in this news release regarding the proposed nominations, 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 regulatory approvals, shareholder approval 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.

Source: Transocean Ltd.