ZUG, SWITZERLAND-Transocean Ltd. (NYSE: RIG) (SIX: RIGN) announced today that it has closed on the previously disclosed transaction to sell 38 shallow water drilling rigs to Shelf Drilling Holdings, Ltd. ("Shelf Drilling").  The list of rigs acquired by Shelf Drilling is provided as Appendix A.  Shelf Drilling is a newly-formed company sponsored equally by Castle Harlan, CHAMP Private Equity and Lime Rock Partners.

Steven Newman, President and CEO of Transocean remarked: "This transaction improves Transocean's long-term competitiveness by effectively repositioning the company as a more focused operator of high-specification drilling equipment." Newman continued, "For the former Transocean employees that are embarking on this exciting opportunity with Shelf Drilling, I extend my sincere thanks for your service to the company and wish you great success in this new venture."

The $1.05 billion sales price includes approximately $855 million in cash, subject to working capital and other closing adjustments, and $195 million in seller financing, which is in the form of preference shares issued by an affiliate of Shelf Drilling.  As previously disclosed, Transocean will provide various transition support services to Shelf Drilling for a period of time subsequent to the closing of the transaction.

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 82 mobile offshore drilling units consisting of 48 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment drilling rigs), 25 Midwater Floaters and nine High-Specification Jackups. In addition, we have six Ultra-Deepwater Drillships and three High-Specification Jackups under construction.  Additionally, we operate 32 Standard Jackups and one swamp barge associated with our discontinued operations.

For more information about Transocean, please visit the websitewww.deepwater.com.