Transocean Announces Pricing of Senior Notes

Transocean Ltd.

today announced that its wholly-owned subsidiary, Transocean Inc., priced a public offering of $750 million of 2.500% Senior Notes due 2017, issued at a price of 99.714% of the principal amount, and $750 million of 3.800% Senior Notes due 2022, issued at a price of 99.309% of the principal amount (together, the "Senior Notes"). Transocean Ltd. will fully and unconditionally guarantee the Senior Notes. The offering is expected to close on September 13, 2012, subject to the satisfaction of customary closing conditions.Transocean will have the right to redeem all or part of the Senior Notes at any time prior to maturity at a redemption price equal to 100% of the principal amount plus accrued and unpaid interest and, except, in the case of the 3.800% Senior Notes due 2022, after July 15, 2022, a "make-whole premium."Transocean Inc. intends to use the net proceeds from the offering to fund all or part of the costs associated with the construction of four newbuild drillships. Transocean is currently in discussions with a major integrated international oil company for the construction of, and associated drilling contracts for, four ultra-deepwater newbuild drillships.