Transocean Announces Shell Early Termination of Polar Pioneer Contract

Transocean Ltd. (NYSE: RIG) announced today that Shell (NYSE: RDS.A) has elected to terminate the contract for the harsh environment semisubmersible Polar Pioneer prior to its expiration in July 2017. Transocean will be compensated for the early termination through a lump-sum payment that includes adjustments for reduced operating costs and demobilization to Norway. 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, 62 mobile offshore drilling units consisting of 27 ultra-deepwater floaters, six deepwater floaters, seven harsh-environment semisubmersibles, 12 midwater semisubmersibles, and 10 high-specification jackups. In addition, the company has seven ultra-deepwater drillships and five high-specification jackups under construction. For more information about Transocean, please visit: www.deepwater.com. Forward-Looking Statements The statements described in this press release that are not historical facts are forward-looking statements within the meaning See full press release