Transocean board sets agenda for 2012 Annual General Meeting of Shareholders

Monday, February 20, 2012

The Board of Directors is recommending that the company's shareholders approve, among other items:

• The re-election of Edward R. Muller and Tan Ek Kia as Class I Directors for three-year terms.
• The election of Glyn Barker as a Class I Director for a three-year term. Mr. Barker is the retired Vice Chairman-UK of PricewaterhouseCoopers (PwC) and has previously served in a variety of positions at PricewaterhouseCoopers, including UK Managing Partner, Global Leader of the PwC Private Equity Transaction Business and leading PwC's strategy and business development for the geographic areas of Europe, the Middle East, Africa and India. Mr. Barker is also a non-executive director of Berkeley Group Holdings plc and is Chairman Designate of the law firm Irwin Mitchell. He has significant international finance experience. This experience and the perspective it brings are expected to benefit the Board's decision making process.
• The election of Vanessa C.L. Chang as a Class I Director for a three-year term. Ms. Chang is a director and shareholder of EL & EL Investments, a privately-held real estate business, and is also a non-executive director of Edison International and its wholly owned subsidiary, Southern California Edison Company, six individual investment funds in the American Funds family, and Blue Shield of California. Her experience and background in diverse industries, along with her financial and accounting background, will enhance the Board's decision making process.
• The election of Chad Deaton as a Class I Director for a three-year term. Mr. Deaton is the Executive Chairman of Baker Hughes Incorporated, where he served as Chief Executive Officer until December 2011. Mr. Deaton is also a non-executive director of Air Products and Chemical and Ariel Corporation. He has significant experience in the oilfield services industry. This experience and the perspective it brings are expected to benefit the Board's decision making process.

The Board of Directors will not propose a dividend at the 2012 Annual General Meeting of Shareholders. The Board's decision for 2012 is based upon the consideration of multiple factors relevant to the company's business in the context of its capital allocation strategy, which is to maintain a strong, flexible balance sheet and an investment grade rating on its debt; reinvest in the business through value enhancing opportunities; and return any excess cash to shareholders. The Board will, consistent with historical practice and in accordance with applicable Swiss requirements, continue to evaluate the business and consider the return of excess cash to shareholders in the future.

The 2012 Annual General Meeting, which will open to shareholders of record as of May 1, 2012, will be held at 4 p.m., CET, on May 18, 2012, in Cham, Switzerland. Additional details on the meeting will be provided to shareholders in the company's proxy statement.