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Transocean Ltd. Announces Redemption of Remaining Outstanding 1.50% Series C Convertible Senior Notes Due 2037 of Transocean Inc.



2013-01-07 22:54:37 -


ZUG, SWITZERLAND-Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today announced that
Transocean Inc., its wholly-owned subsidiary, has called all of its issued and
outstanding 1.50% Series C Convertible Senior Notes Due 2037 for redemption on
February 7, 2013.  As of January 7, 2013, $61,979,000 principal amount of the
notes remained outstanding following the repurchase by Transocean Inc. of
$1,660,021,000 principal amount of the notes on December 17, 2012.

The redemption price is equal to the principal amount thereof plus accrued and
unpaid interest up to but excluding the redemption date.  The notes may be
converted at any time before the close of business on February 6, 2013. The
notes are convertible into shares of Transocean Ltd. at a rate of 6.2905 shares
per $1,000 principal amount of notes.  Transocean Inc. will satisfy its
conversion obligation by delivering cash up to the principal amount of the notes
surrendered for conversion, and shares of Transocean Ltd. for the remainder of
its conversion obligation, if any.  Holders who wish to convert their notes must
comply with the procedures in the notes.

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,
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.

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



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Source: Transocean Ltd via Thomson Reuters ONE
[HUG#1668786]


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