Transocean Mails Proxy Materials with Board Letter to Shareholders Recommending Approval of $2.24/Share Dividend

ZUG, SWITZERLAND-Transocean Ltd.

today announced that it has commenced the mailing of proxy materials, including a WHITE proxy card and a letter from the Board of Directors, to the company's shareholders of record in advance of the company's 2013 Annual General Meeting ("AGM"), which will be held at 5 p.m. CEST, on May 17, 2013, in Zug, Switzerland.  The Proxy Statement and Annual Report are also available through the company's website at http://deepwater.com/ar.    The Transocean Board of Directors unanimously recommends that the company's shareholders vote "FOR" a U.S. dollar-denominated dividend of $2.24 per share, or approximately $800 million in the aggregate (based upon the number of currently outstanding shares), out of additional paid-in capital.     The Transocean Board of Directors unanimously recommends that shareholders vote "FOR" the company's five experienced and highly qualified director nominees: Federico F. Curado, Thomas W. Cason, Steven L. Newman, Robert M. Sprague and J. Michael Talbert.     The Transocean Board of Directors unanimously recommends that shareholders vote "FOR" the granting of Board authority to issue shares out of the company's authorized share capital.  This authority was originally