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The Board has proposed a dividend of $2.24 per share - or approximately $800 million in the aggregate - which supports the company's balanced capital allocation strategy and represents one of the industry's largest payout ratios and implied yields. The Board is confident that its proposed dividend will maximize long-term value creation and, importantly, in its view, establishes a basis that is sustainable and supports future dividend increases as business conditions warrant.

•

The company has put forth five highly qualified and diverse Director nominees - Frederico F. Curado, Thomas W. Cason, Steven L. Newman, Robert M. Sprague and J. Michael Talbert - with very deep industry experience and unique viewpoints. The election of Mr. Curado would represent the seventh new director in the last two years, aligning with the company's efforts to regularly infuse fresh perspectives into an extraordinarily experienced and knowledgeable Board.

•	The company has made significant and tangible progress toward its goals to improve its operational and financial performance, including improved revenue efficiency, utilization and cash flow from operations.

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•	1-877-456-3507 (toll-free from the US and Canada)

•	+1 412-232-3651 (from other countries).

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•	ISS Presentation - April 24, 2013

•	Transocean Proxy Presentation, April 19, 2013

•	Transocean Ltd. Releases Investor Presentation and Launches Transoceanvalue.com, Highlighting Strategy to Maximize Shareholder Value

•	2012 Annual Report

•	Transocean Ltd. Proxy Statement

•	Howard Weil Annual Energy Conference: Transocean Ltd.

•	Transocean: yes Icahn

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•	Transocean Board Urges Rejection of Icahn Plan

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•	Transocean Says Board Opposes Icahn Dividend, Director Proposals

•	Transocean set for battle with Icahn

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•	Transocean Ltd. Board of Directors Concludes Carl Icahn's Proposed Dividend and Director Nominees Are Contrary to the Best Interests of Stakeholders

•	Icahn Proposes 3 for Transocean Board on 'Meager' Offer

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•	Transocean Ltd. Confirms Receipt of Proposals from Carl Icahn

•	Transocean Receives Shareholder Proposal

•	Transocean's Next Challenge Is Gusher of Dissent

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•	Transocean Ltd. Announces 2013 Annual General Meeting; Recommends Dividend of $2.24 per share; Names Director Nominees

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•	Hello, my name's Mike Talbert, I'm the Chairman of the Board of Transocean and I want to thank you for joining me today.

•

As you all know, Transocean has a long and successful history as the world's leading offshore driller. We have many industry firsts to our credit - a real testament to the technological innovation and creativity of our employees, and the trust that our customers place in us. And we have done it using a balanced approach to capital allocation - disciplined, high-return reinvestment in our world class fleet, maintaining a flexible, resilient balance sheet as characterized by an investment grade rating on our debt, and returning excess cash through distributions to our shareholders and share repurchases.

•	The Board of Directors has worked in lock-step with the management team to establish and work towards achieving important strategic objectives that generate value for all of our shareholders.

•

We actively pursue a high-spec-focused asset strategy to build on Transocean's long-held leadership position, and we continue to profitably strengthen our industry-leading position in high-spec drilling rigs - we've added five new rigs over the past two years, will be delivering four more in the next year and we recently agreed to build four high capability drillships to firm 10-year contracts for Shell with delivery beginning in 2015. These Shell contracts provide about $7.6 billion in long-dated backlog.

•

This is a highly cyclical business with unique challenges - and requires careful, conscientious management through the industry cycles. Even in the context of the unprecedented challenges associated with Macondo, we still invested in the business and have gradually improved operations and financial results. And, after the partial settlement with the Department of Justice is removed significant uncertainty, we have proposed the reinstatement of a dividend of $2.24 per share. This proposal is entirely consistent with our capital allocation strategy

•	I believe that it is important for you, our shareholders, to understand how critical capital allocation decisions - like the dividend we are recommending - are made at the Company. But first, a bit of background…

•	I am very privileged to Chair a world class Board of Directors. They are independent, diverse, thoughtful, experienced, and truly committed to delivering the best for our shareholders. Many of

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•

My long experience in the exploration & production business made it clear to me that the technological future of the drilling industry was in deepwater - and so, when I joined Transocean, I supported an increased focus on investing in the technology and the fleet that has made us the leader in deepwater drilling. My colleagues on the Board - key past and current decision makers from some of the leading companies in the world including Baker Hughes, Chevron, Shell, Kinder Morgan and Schlumberger helped make all this happen.

•

My job as Chairman is to make sure every director's perspective is heard - and to try to maintain the right level of interaction needed to make the difficult decisions. Our board is quite diverse - both in where they come from and the experiences they have had. But, to me, the most important thing is that they are truly independent of both the company, and each other, in the decision making process. This environment of open and collegial debate from varied perspectives has been critical in helping us make the difficult and complex decisions we have often been faced with.

•

The dividend proposal of $2.24 per share - approximately $800 million in total - was determined after weighing many important factors. Including: the improving state of our operations, the strong market for our services, the strength of our balance sheet and the need to reinvest in our business, the partial settlement with the Department of Justice and the views of our shareholders. Additionally, our $2.24 per share proposal establishes a baseline for sustainable return of capital to our shareholders with the potential for increases as business conditions warrant.

•

The Board is completely aligned around this decision. We believe it gives us the financial flexibility needed to continue to build the company for the future. And with nearly half of our net income being paid out in the form of a dividend, based on analysts' 2013 estimates, the yield it provides to our shareholders would be among the highest in the industry. Given the remaining uncertainties and the need to reinvest in our business, a higher dividend at this point in time simply wouldn't be prudent.

•	Shareholders should feel confident that this decision was made with in-depth analysis, very thoughtful debate, and a true commitment from our Board to deliver long term value to our shareholders.

•	We look forward to continuing to execute our strategy, taking advantage of opportunities to reinvest in our fleet and expand operations, and continuing our track record of success.

•	I thank you for your time today.

•	Thank you so much for joining me today.

•	Two months after I became CEO, Transocean experienced a tragic and transformational event - the Macondo well incident - and our company, and the industry, has had to adapt to a new world. The operating environment has changed, with drilling rigs and equipment being scrutinized by ourselves,

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•

With the ongoing guidance, direction and support of a highly qualified and engaged Board of Directors, Transocean has weathered unprecedented challenges and emerged a much stronger company overall. We defined and implemented a series of strategic imperatives intended to improve our operational and financial performance and, while there is still much work to be done, we have made significant and tangible progress towards our goals.

•	In 2012, among other achievements, we:

•	Increased revenue efficiency to 93% from around 91% in 2011;

•	We increased utilization by 9% to 78%;

•	Significantly improved adjusted earnings and cash flow from operations; and

•	Captured $16.8 billion in contract backlog.

•

In addition to these operational improvements, we continued to execute our asset strategy and strengthened our industry-leading position in high-spec assets through the addition of five new rigs over the past two years. We are also investing in four contract-backed, state-of-the-art, ultra-deepwater drillships, which added over $7.5 billion in backlog, and we currently have two ultra-deepwater drillships and three high-spec jackups under construction. Market conditions remain strong and we see additional opportunities for similar, value-enhancing investments.

•

Another component of our asset strategy has been to reduce our exposure to low-spec, commodity assets, which we have done through the divestiture of 56 non-core assets over the past two years, including the sale of a 38 rig package to Shelf Drilling and the divestiture of an additional 18 rigs in single-asset transactions. These actions have helped dramatically transform our fleet to better compete for the long term.

•	These accomplishments, in conjunction with our investments to improve our fleet and our strategy to enhance our margins, uniquely position Transocean to deliver additional value to our shareholders going forward, and, together with our substantial backlog, provide the foundation necessary to support this future growth.

•

I am also pleased to say that our operational and recent litigation successes have permitted us to propose a dividend of $2.24 per share, which we believe maximizes long-term value creation, and importantly, establishes a basis that is sustainable and supports future dividend increases as remaining uncertainties associated with Macondo, the Frade field incident in Brazil, and tax litigation in Norway, diminish. Our goal is to increase this distribution going forward as business conditions permit.

•	This proposal is consistent with our history of returning cash to shareholders. Including this proposed dividend, since 2000 Transocean will have returned approximately $21 billion to shareholders through distributions and share repurchases.

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•

It is important to point out that shareholder value is driven by the proper balance of financial flexibility, capital investment and return of capital, and all of our decisions - both operationally and financially - are made with this in mind. Our disciplined strategy balances the distribution of excess capital with the imperative to continue to invest in our fleet and maintain a strong, flexible and resilient balance sheet as characterized by having an investment grade rating on our debt.

•	Going forward, our strategic objectives remain the same: to capitalize on favorable industry trends through a well-positioned and highly capable portfolio of assets, to continue to enhance operational performance, and to advance our asset strategy in order to maximize value for all shareholders.

•	Thank you so much for your time and your support and I urge you to vote the Company's WHITE proxy card in favor of our proposals at the upcoming Annual General Meeting

•	I look forward to speaking with you again soon.

•

Hello, everyone and thank you for joining me today. My name is Marty McNamara, and I am chair of the Transocean corporate governance committee, which also serves as our director nominating committee. At our last 2 annual general meetings of shareholders we have nominated and our shareholders have elected 6 new directors, and this year we have nominated a 7th new director, Fred Curado, who is standing for election at our annual general meeting to be held in May of this year.

•	With respect to each person we have nominated, we have gone through a very careful process that takes many months of work.

•	Every year our committee and board, consulting with management, assess the experience, backgrounds, skills and performance of our directors, and determine specific individual changes or additions to be made, always seeking directors who provide all of the following:

•	Demonstrated independence, both under NYSE standards and in terms of being free from any prior commitments or influences that might undermine their ability to think independently.

•	They should also have the highest professional and personal integrity, ethics and values,

•	As well as tested judgment, deep experience and professional accomplishment in their own careers prior to Transocean's board.

•	They should have specific skills, backgrounds and experience that are directly relevant to Transocean's business, and of course,

•	A commitment to invest significant time and effort to understand the company's worldwide business, including its customers, assets, finances, operations, and, very importantly, our senior management, succession candidates and our diverse worldwide workforce.

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•	We have emphasized the nomination of directors who contribute to the diversity of our board so that our board reflects the international and diverse nature of our business, workforce and customers.

•	Once we've done our annual assessment of our board performance and needs, we conduct a search using a major, independent international search firm. The outside search firm provides worldwide resources and experience to help us identify and compare the best possible candidates who might be available and fit Transocean's needs.

•	As the list of prospects becomes more focused in this process, our governance committee and board members - along with legal counsel and other outside experts - meet directly with candidates, traveling as necessary to accomplish these meetings face-to-face.

•	Only after this months-long process and careful consideration of the results does our committee and board recommend nominees to our shareholders.

•	All of our board members are completely independent, other than Steven Newman, our Chief Executive Officer. Our nominee Fred Curado will also be fully independent if he is elected.

•

The independence of our directors and the continuing renewal and refreshment of our board, helps to give us a very dynamic and open board environment. In order to make the Board function at its best, this refreshment with new faces and ideas must be complemented with Board members possessing strong institutional knowledge of Transocean and its history - without which the company may be exposed to certain risks and lose the benefit of “lessons learned” during these directors' time on the Board. We believe having all views and questions addressed openly in a dynamic board that is diverse but not divided, and that is both balanced and continually renewed - protects the interests of all shareholders.

•	We are committed to having new thinking and people on our board, and we believe the 6 new directors we have added, and our proposed addition of Fred Curado at the upcoming AGM, show that.

•

Fred Curado has an excellent track record as the current CEO of Embraer, which is a major and growing manufacturer of aircraft, with worldwide operations. Embraer is headquartered in Brazil, a key market for Transocean. He would contribute to our key focus and board oversight responsibilities regarding the quality, safety and environmental and health best practices of Transocean's worldwide operations. We firmly believe Fred's training as an aeronautical engineer and successful experience as the chief executive leading Embraer's worldwide business will contribute importantly to our Board.

•	Looking at the 6 other new directors as a group, we have added substantial bench strength and future leadership with respect to our audit and finance responsibilities plus relevant senior leadership experience in international oil and gas and oilfield services operations. At the same time, we have enhanced the diversity of our board. Looking at those six people:

•	Glyn Barker brings experience as Vice Chairman - UK managing international business and development for PricewaterhouseCoopers, one of one of the leading worldwide audit firms.

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•	Vanessa Chang has senior management experience from another leading audit firm, KPMG Peat Marwick, as well as her experience as current chair of the audit committee of another major NYSE-listed company in the energy sector.

•	Steve Lucas brings fresh and extensive experience in senior financial management positions with National Grid and with British Gas.

•	Chad Deaton has broad and deep industry experience, including his experience as chairman and recently-retired chief executive of Baker Hughes, one of the industry's largest worldwide oilfield services companies.

•	Jeet Bindra adds his wide senior management experience and expertise earned in various senior positions during his career throughout the operations and worldwide energy business of Chevron.

•	Tan Ek Kia similarly adds deep senior management experience in Royal Dutch/Shell's international energy business, and Ek Kia has particularly deep experience in Asia Pacific.

•	Looking at the longer-serving nominees who are up for re-election, they have worked closely with current management to develop and implement the strategic imperatives against which the company is successfully executing. They have also stood up to difficult conditions in this cyclical industry, including Macondo.

•	Our Board is a balanced combination of people who bring new thinking and those with some critical history, institutional knowledge and tested experience with Transocean and its business.

•

We believe that balance of diverse backgrounds, expertise and independence - independence both from management and from anyone else who may have an individual agenda - is essential to a Board that can deliver performance and long-term value for all of our shareholders while renewing and advancing the board on a thoughtful continuing basis and also preserving the company's core values. With this in mind, I urge you to vote the Company's WHITE proxy card in favor of all of our director nominees and other proposals at the upcoming Annual General Meeting.

•	Thank you very much for your time.

•

Hello, everyone and thank you for joining me today. My name is Marty McNamara, and I am chair of the Transocean corporate governance committee, which also serves as our director nominating committee. At our last 2 annual general meetings of shareholders we have nominated and our shareholders have elected 6 new directors, and this year we have nominated a 7th new director, Fred Curado, who is standing for election at our annual general meeting to be held in May of this year.

•	With respect to each person we have nominated, we have gone through a very careful process that takes many months of work.

•	Every year our committee and board, consulting with management, assess the experience, backgrounds, skills and performance of our directors, and determine specific individual changes or additions to be made, always seeking directors who provide all of the following:

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•	Demonstrated independence, both under NYSE standards and in terms of being free from any prior commitments or influences that might undermine their ability to think independently.

•	They should also have the highest professional and personal integrity, ethics and values,

•	As well as tested judgment, deep experience and professional accomplishment in their own careers prior to Transocean's board.

•	They should have specific skills, backgrounds and experience that are directly relevant to Transocean's business, and of course,

•	A commitment to invest significant time and effort to understand the company's worldwide business, including its customers, assets, finances, operations, and, very importantly, our senior management, succession candidates and our diverse worldwide workforce.

•	We have emphasized the nomination of directors who contribute to the diversity of our board so that our board reflects the international and diverse nature of our business, workforce and customers.

•	Once we've done our annual assessment of our board performance and needs, we conduct a search using a major, independent international search firm. The outside search firm provides worldwide resources and experience to help us identify and compare the best possible candidates who might be available and fit Transocean's needs.

•	As the list of prospects becomes more focused in this process, our governance committee and board members - along with legal counsel and other outside experts - meet directly with candidates, traveling as necessary to accomplish these meetings face-to-face.

•	Only after this months-long process and careful consideration of the results does our committee and board recommend nominees to our shareholders.

•	All of our board members are completely independent, other than Steven Newman, our Chief Executive Officer. Our nominee Fred Curado will also be fully independent if he is elected

•

The independence of our directors and the continuing renewal and refreshment of our board, helps to give us a very dynamic and open board environment. In order to make the Board function at its best, this refreshment with new faces and ideas must be complemented with Board members possessing strong institutional knowledge of Transocean and its history - without which the company may be exposed to certain risks and lose the benefit of “lessons learned” during these directors' time on the Board. We believe having all views and questions addressed openly in a dynamic board that is diverse but not divided, and that is both balanced and continually renewed - protects the interests of all shareholders.

•	We are committed to having new thinking and people on our board, and we believe the 6 new directors we have added, and our proposed addition of Fred Curado at the upcoming AGM, show that.

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•

Fred Curado has an excellent track record as the current CEO of Embraer, which is a major and growing manufacturer of aircraft, with worldwide operations. Embraer is headquartered in Brazil, a key market for Transocean. He would contribute to our key focus and board oversight responsibilities regarding the quality, safety and environmental and health best practices of Transocean's worldwide operations. We firmly believe Fred's training as an aeronautical engineer and successful experience as the chief executive leading Embraer's worldwide business will contribute importantly to our Board.

•	Looking at the 6 other new directors as a group, we have added substantial bench strength and future leadership with respect to our audit and finance responsibilities plus relevant senior leadership experience in international oil and gas and oilfield services operations. At the same time, we have enhanced the diversity of our board. Looking at those six people:

•	Glyn Barker brings experience as Vice Chairman - UK managing international business and development for PricewaterhouseCoopers, one of one of the leading worldwide audit firms.

•	Vanessa Chang has senior management experience from another leading audit firm, KPMG Peat Marwick, as well as her experience as current chair of the audit committee of another major NYSE-listed company in the energy sector.

•	Steve Lucas brings fresh and extensive experience in senior financial management positions with National Grid and with British Gas.

•	Chad Deaton has broad and deep industry experience, including his experience as chairman and recently-retired chief executive of Baker Hughes, one of the industry's largest worldwide oilfield services companies.

•	Jeet Bindra adds his wide senior management experience and expertise earned in various senior positions during his career throughout the operations and worldwide energy business of Chevron.

•	Tan Ek Kia similarly adds deep senior management experience in Royal Dutch/Shell's international energy business, and Ek Kia has particularly deep experience in Asia Pacific.

•	Looking at the longer-serving nominees who are up for re-election, they have worked closely with current management to develop and implement the strategic imperatives against which the company is successfully executing. They have also stood up to difficult conditions in this cyclical industry, including Macondo.

•	Our Board is a balanced combination of people who bring new thinking and those with some critical history, institutional knowledge and tested experience with Transocean and its business.

•

We believe that balance of diverse backgrounds, expertise and independence - independence both from management and from anyone else who may have an individual agenda - is essential to a Board that can deliver performance and long-term value for all of our shareholders while renewing and advancing the board on a thoughtful continuing basis and also preserving the company's core values. With this in mind, I urge you to vote the Company's WHITE proxy card

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•	Thank you very much for your time.

•	Hello everyone. I'm Esa Ikaheimonen, Transocean's CFO, and I will be taking a couple minutes to discuss our Board's decision to propose a $2.24 per share dividend in this year's proxy.

•	As you all know, we are committed to maximizing long-term shareholder value. We strongly believe this is best achieved by maintaining a flexible and resilient balance sheet, characterized by an investment grade-rating for our debt. We are equally certain that disciplined, high-return investments and returning excess capital to shareholders serve the same value creation purpose.

•	Given the cyclical and asset-intensive nature of the offshore drilling industry, maintaining financial flexibility and uninterrupted access to low-cost capital is essential. This is why we need to maintain an investment grade balance sheet.

•

We continue to invest in our business to remain competitive now and in the future. This is an asset business and maintaining and continuously upgrading the world's most capable fleet of high-spec floaters is a top priority. Most investors and equity analysts agree with this goal. And remember, this strategy has really delivered value for shareholders. In the past decade we have returned approximately $21 billion to shareholders in the form of dividends and share repurchases. Looking ahead, our Board's intent is to continue to return capital to shareholders with the goal of increasing the distribution as long as business conditions remain supportive.

•	Based on my own experience with Transocean, but also with a key competitor, I know that this industry is subject to many peaks and lows - and that a disciplined capital allocation strategy serves shareholders the best over the long term and through the cycles.

•	A very important point to understand about our dividend proposal is that it allows us to provide our shareholders with one of the highest implied yields in the industry while continuing to invest in the fleet and responsibly protecting the company from the unique uncertainties we face.

•	We believe that a further increase in the dividend at this stage would negatively affect our long term ability to operate and compete effectively in this cyclical and capital-intensive industry.

•	Our debt paydown strategy will strengthen our balance sheet and facilitate continued progress towards achieving our debt and liquidity targets. With more than $12 billion of debt, we simply must work to bring our liabilities down.

•	High-grading our fleet is absolutely necessary for us to maintain our industry-leading position. The profitable addition of new, state-of-the-art drilling rigs is essential to the long-term competitiveness of the company and represents a primary source of growth in earnings and cash flow. Our proposed

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•	To conclude, we believe our proposed dividend will generate value in the long-term. It establishes an appropriate level of return to begin with and allows long-term value creation through sustainability and distribution growth. The proposed level of return is the right one, also in the context of remaining uncertainties.

•	I have worked in this industry for quite a while, and I have learned that a disciplined and balanced capital allocation strategy is the cornerstone of maximizing value for all shareholders. With this in mind, I urge you to vote using the Company's WHITE proxy card in line with our Board's recommendations at the upcoming Annual General Meeting.

•	Thank you for your time and we appreciate your support.