Transocean Ltd. - FORM 8-K - EX-99.1 - TRANSOCEAN LTD. FLEET STATUS REPORT

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Exhibit 99.1

LOGO

Fleet Status

Report

October 17, 2011

Transocean Ltd. (NYSE: RIG), (SIX: RIGN)


		Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Fleet Status Report
Updated: October 17, 2011
Revisions to Fleet Status Report Noted in Bold
Dynamically positioned «


	Floater Type			Yr. ⁽¹⁾ Entered Service		Water Depth (Feet)		Drilling Depth (Feet)		Location	Customer	Estimated Contract Start Date ⁽²⁾		Estimated Expiration Date ⁽²⁾			Dayrate on Current Contract ⁽³⁾ (Dollars)			Dayrate on Previous Contract⁽³⁾ (Dollars)

																							Estimated Out of Service Days ⁽⁴⁾
Rig Type/Name																							Q3 2011		Q4 2011		Q1 2012		Q2 2012		Q3 2012		Q4 2012

*Rigs Under Construction (6)*

DSME 12000 Drillship TBN1 ⁽²⁸⁾		ship	«		TBA		12,000		40,000	See Footnote 29	See Footnote 29		See Footnote 29		See Footnote 29			See Footnote 29			N/A			—		—		—		—		—		—
DSME 12000 Drillship TBN2 ⁽²⁸⁾		ship	«		TBA		12,000		40,000	See Footnote 29	See Footnote 29		See Footnote 29		See Footnote 29			See Footnote 29			N/A			—		—		—		—		—		—
Keppel FELS Super B Class Jackup TBN1					TBA		350		35,000	Thailand	Chevron		See Footnote 12		See Footnote 12			See Footnote 12			N/A			—		—		—		—		—		—
Keppel FELS Super B Class Jackup TBN2					TBA		350		35,000	Thailand	Chevron		See Footnote 13		See Footnote 13			See Footnote 13			N/A			—		—		—		—		—		—
Keppel FELS Super B Class Jackup TBN3					TBA		350		35,000	Thailand	Chevron		See Footnote 27		See Footnote 27			See Footnote 27			N/A			—		—		—		—		—		—
Transocean Honor					TBA		400		30,000	See Footnote 14	See Footnote 14		See Footnote 14		See Footnote 14			See Footnote 14			N/A			—		—		—		—		—		—

*High Specification Floaters:*
*Ultra-Deepwater (27)*

Discoverer Americas⁽⁶⁾		ship	«		2009		12,000		40,000	USGOM	Statoil		Mar-11		Apr-14			505,000			486,000			—		—		—		14		—		—
Deepwater Champion ^{(6), (11)}		ship	«		2011		12,000		40,000	Turkey/ Black Sea	ExxonMobil		May-11		May-12			690,000			N/A			4		—		5		—		—		—
										TBA	ExxonMobil		May-12		Dec-15			TBA			690,000
Discoverer Clear Leader^(6), (15)		ship	«		2009		12,000		40,000	USGOM	Chevron		Sep-10		Aug-14			504,000			503,000			—		—		—		—		—		—
Discoverer Inspiration⁽⁶⁾		ship	«		2010		12,000		40,000	USGOM	Chevron		Sep-10		Mar-15			506,000			494,000			—		—		—		—		14		—
Dhirubhai Deepwater KG1⁽¹⁶⁾		ship	«		2009		12,000		35,000	India	Reliance		Aug-09		Jul-14			510,000			N/A			—		8		—		11		—		—
Dhirubhai Deepwater KG2 ⁽¹⁶⁾		ship	«		2010		12,000		35,000	Brunei	Petronas		Aug-11		Dec-11			558,000			510,000			—		2		9				—		—
										India	Reliance		Dec-11		Feb-15			510,000			558,000
Discoverer India⁽¹⁷⁾		ship	«		2010		12,000		40,000	USGOM	Reliance		Aug-11		Feb-13	⁽²⁵⁾		508,000			508,000			—		—		—		—		—		—
										India	Reliance		Mar-13		Feb-21			508,000			508,000
Petrobras 10000 ^{(6), (7), (8)}		ship	«		2009		12,000		37,500	Brazil	Petrobras		Feb-11		Aug-19			436,000			N/A			—		—		—		—		—		—
Discoverer Deep Seas⁽⁶⁾		ship	«		2001		10,000		35,000	USGOM	Chevron		Feb-11		Feb-13			450,000			517,000			—		—		—		—		—		—
Discoverer Enterprise⁽⁶⁾		ship	«		1999		10,000		35,000	USGOM	BP		Jan-11		Jan-13			435,000			523,000			—		—		—		—		—		—
										USGOM	BP		Jan-13		Jan-14			492,000			435,000
Discoverer Spirit⁽⁶⁾		ship	«		2000		10,000		35,000	Liberia	Anadarko		Jun-11		Oct-11			547,000	⁽²³⁾		540,000			—		—		—		—		14		—
										Sierra Leone	Anadarko		Oct-11		Jan-12			545,000	⁽²³⁾		547,000	⁽²³⁾
										Liberia	Chevron		Jan-12		May-12			564,000	⁽²³⁾		545,000	⁽²³⁾
										USGOM	Anadarko		May-12		Apr-14			540,000			564,000	⁽²³⁾
GSF C.R. Luigs⁽⁶⁾		ship	«		2000		10,000		35,000	USGOM	BHP Billiton		Sep-09		Feb-14			519,000			411,000			—		—		—		45		—		—
GSF Jack Ryan ⁽⁶⁾		ship	«		2000		10,000		35,000	Nigeria	Total		Jun-09		Jul-13			425,000			297,000			1		21		—		14		—		—
Deepwater Discovery ^{(6), (7)}		ship	«		2000		10,000		30,000	Brazil	Devon		Aug-11		Aug-13			463,000			425,000			11		—		—		—		—		—
Deepwater Frontier ⁽⁶⁾		ship	«		1999		10,000		30,000	Australia	ExxonMobil		Dec-11		Feb-14			475,000			477,000			92		64		—		—		—		—
Deepwater Millennium^{(6), (19)}		ship	«		1999		10,000		30,000	Ghana	Anadarko		Nov-10		Oct-11			576,000			543,000			—		51		5		—		—		—
										TBA	Anadarko		Dec-11		Jul-13			TBA			576,000
Deepwater Pathfinder ⁽⁶⁾		ship	«		1998		10,000		30,000	USGOM	Eni		Aug-10		Apr-15			667,000			550,000			—		—		—		—		—		—
Deepwater Expedition ⁽⁶⁾		ship	«		1999		8,500		30,000	Malaysia	Petronas/ BHP		Dec-10		Jan-14			640,000			375,000			55		44		—		—		—		—
Cajun Express^{(6), (7), (18)}		semi	«		2001		8,500		35,000	Brazil	Petrobras		May-10		Jun-13			535,000			493,000			—		—		—		—		16		—
Deepwater Nautilus⁽⁶⁾		semi			2000		8,000		30,000	USGOM	Shell		Dec-08		Aug-12			550,000			493,000			—		—		—		—		—		—
GSF Explorer		ship	«		1972/1998		7,800		30,000	Indonesia	Marathon- led Consortium		May-10		Jul-12			510,000			426,000			—		—		—		—		21		—
Discoverer Luanda ^{(6), (16)}		ship	«		2010		7,500		40,000	Angola	BP		Jan-11		Jan-18			430,000			N/A			—		—		—		—		—		—
GSF Development Driller I ⁽⁶⁾		semi	«		2005		7,500		37,500	USGOM	BHP Billiton		Jun-08		Oct-12			513,000			220,000			—		—		—		—		—		—
GSF Development Driller II ⁽⁶⁾		semi	«		2005		7,500		37,500	USGOM	BP		Nov-08		Nov-13			580,000			208,000			—		—		—		—		—		—
Development Driller III ⁽⁶⁾		semi	«		2009		7,500		37,500	USGOM	BP		Nov-09		Nov-16			403,000			N/A			—		—		—		—		—		—
Sedco Energy		semi	«		2001		7,500		35,000	Ghana	Tullow		Sep-11		Sep-13			440,000			N/A			92		—		—		—		—		—
Sedco Express ⁽⁶⁾		semi	«		2001		7,500		35,000	Israel	Noble Energy		Sep-10		Dec-11			530,000			188,000			—		3		—		3		25		—
										Israel	Noble Energy		Dec-11		Mar-12			470,000			530,000
										Israel	Israel Oil Company		Mar-12		May-12			490,000			470,000

																		Total Estimated Days Out of Service						254		193		19		87		90		—

																		Estimated Average Contract Dayrate⁽⁵⁾					$	515,000	$	512,000	$	509,000	$	506,000	$	507,000	$	508,000


		Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Fleet Status Report
Updated: October 17, 2011
Revisions to Fleet Status Report Noted in Bold
Dynamically positioned «


	Floater Type	Yr. ⁽¹⁾ Entered Service		Water Depth (Feet)		Drilling Depth (Feet)		Location	Customer	Estimated Contract Start Date ⁽²⁾		Estimated Expiration Date ⁽²⁾			Dayrate on Current Contract ⁽³⁾ (Dollars)			Dayrate on Previous Contract⁽³⁾ (Dollars)

																				Estimated Out of Service Days ⁽⁴⁾
Rig Type/Name																				Q3 2011		Q4 2011		Q1 2012		Q2 2012		Q3 2012		Q4 2012

*Deepwater (16)*

Deepwater Navigator ^{(7), (8)}	ship«		1971/2000		7,200		25,000	Brazil	Petrobras		May-11		Feb-16	⁽²⁴⁾		375,000			190,000		92		19		—		—		—		—
Discoverer 534	ship«		1975/1991		7,000		25,000	Malaysia					Stacked								—		—		—		—		—		—
Discoverer Seven Seas	ship«		1976/1997		7,000		25,000	India	ONGC		Jun-11		Oct-11			295,000			316,000		—		—		48		72		—		—
Transocean Marianas⁽⁶⁾	semi		1979/1998		7,000		25,000	Ghana	ENI		Feb-11		Dec-12			450,000			450,000		78		—		—		—		—		—
Sedco 706 ^{(6), (7)}	semi«		1976/1994/ 2008		6,500		25,000	Brazil	Chevron		Apr-09		Apr-14			311,000			N/A		—		—		—		—		—		—
Sedco 702 ^{(6), (7)}	semi«		1973/2007		6,500		25,000	Nigeria	Shell		Mar-08		Mar-12			357,000			N/A		—		19		12		—		—		80
Sedco 707 ^{(7), (8)}	semi«		1976/1997		6,500		25,000	Brazil	Petrobras		Nov-09		Nov-14	⁽²⁴⁾		400,000			188,000		—		—		36		91		92		92
GSF Celtic Sea	semi		1982/1998		5,750		25,000	Angola	ExxonMobil		Sep-11		Sep-12			320,000			486,000		62		—		—		—		—		—
								Angola	ExxonMobil		Sep-12		Sep-13			324,000			320,000
								Angola	ExxonMobil		Sep-13		Sep-14			328,000			324,000
Jack Bates	semi		1986/1997		5,400		30,000	Australia	Hess		Oct-11		May-12			380,000			420,000		92		31		—		—		—		—
Sedco 709	semi«		1977/1999		5,000		25,000	Malaysia					Stacked								—		—		—		—		—		—
M.G. Hulme, Jr. ⁽⁷⁾	semi		1983/1996		5,000		25,000	India	ONGC		Sep-11		Sep-12			242,000			N/A		92		—		—		—		—		—
Transocean Richardson	semi		1988		5,000		25,000	Malaysia					Stacked								—		—		—		—		—		—
Jim Cunningham	semi		1982/1995		4,600		25,000	Malaysia					Stacked								—		—		—		—		—		—
Sedco 710 ^{(7), (8)}	semi«		1983/2001		4,500		25,000	Brazil	Petrobras		Oct-10		Sep-16	⁽²⁴⁾		289,000			128,000		3		5		30		—		—		—
Transocean Rather	semi		1988		4,500		25,000	Angola	ExxonMobil		May-11		Nov-11			437,000			437,000		—		—		—		—		—		—
											Nov-11		Jan-12			256,000			437,000
											Jan-12		Aug-12			437,000			256,000
Sovereign Explorer	semi		1984		4,500		25,000	USGOM					Stacked								—		—		—		—		—		—
																Total Estimated Days Out of Service					419		74		126		163		92		172

																Estimated Average Contract Dayrate⁽⁵⁾				$	348,000	$	344,000	$	351,000	$	350,000	$	346,000	$	351,000


*Harsh Environment (7)*

Transocean Barents ^{(6), (7), (28)}	semi«		2009		10,000		30,000	NNS	DNO		Oct-11		Jul-12			564,000			N/A		—		—		—		—		—		—
								NNS	DNO		Jul-12		Jul-14			573,000	⁽³¹⁾		564,000
Transocean Spitsbergen ^{(6), (7), (28), (30)}	semi«		2010		10,000		30,000	NNS	Statoil		Oct-11		Jul-13			483,000			N/A		—		—		—		—		—		—
Henry Goodrich ⁽⁶⁾	semi		1985/2007		5,000		30,000	Canada	Husky		Oct-10		Jan-14			335,000			381,000		—		15		91		14		—		—
Transocean Leader ^{(6), (7)}	semi		1987/1997		4,500		25,000	NNS	Statoil		Sep-09		Feb-12			467,000			340,000		—		—		—		—		30		92
											Feb-12		Feb-15			400,000			467,000
Paul B. Loyd, Jr. ^{(6), (7)}	semi		1990		2,000		25,000	UKNS	BP		Apr-09		Mar-12			508,000			312,000		—		—		—		—		—		—
											Mar-12		Mar-13			344,000			508,000
Transocean Arctic ^{(6), (7)}	semi		1986		1,650		25,000	NNS	Statoil		Jan-07		Jul-12			296,000			195,000		—		—		—		—		—		—
								NNS	Rig Management Norway		Jul-12		Jun-13			417,000			296,000
								NNS	Rig Management Norway		Jun-13		Feb-14			409,000			417,000
Polar Pioneer ^{(6), (7)}	semi		1985		1,500		25,000	NNS	Statoil		Feb-10		Jan-14			512,000			309,000		—		—		—		—		—		—

																Total Estimated Days Out of Service					—		15		91		14		30		92

																Estimated Average Contract Dayrate⁽⁵⁾				$	427,000	$	457,000	$	464,000	$	421,000	$	436,000	$	444,000


		Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Fleet Status Report
Updated: October 17, 2011
Revisions to Fleet Status Report Noted in Bold
Dynamically positioned «


	Floater Type	Yr. ⁽¹⁾ Entered Service		Water Depth (Feet)	Drilling Depth (Feet)	Location	Customer	Estimated Contract Start Date ⁽²⁾		Estimated Expiration Date ⁽²⁾		Dayrate on Current Contract ⁽³⁾ (Dollars)			Dayrate on Previous Contract⁽³⁾ (Dollars)

																		Estimated Out of Service Days ⁽⁴⁾
Rig Type/Name																		Q3 2011		Q4 2011		Q1 2012		Q2 2012		Q3 2012		Q4 2012

*Midwater Floaters (25)*
Sedco 700	semi		1973/1997	3,600	25,000	Malaysia					Stacked								—		—		—		—		—		—
Transocean Legend	semi		1983	3,500	25,000	Australia	Conoco Phillips		Oct-11		Nov-12		293,000			300,000			4		—		—		—		—		—
Transocean Amirante	semi		1978/1997	3,500	25,000	Egypt	Burullus Gas Company		Aug-11		Jun-12		247,000			364,000			45		—		—		10		20		—
GSF Arctic I ^{(6), (7)}	semi		1983/1996	3,400	25,000	Brazil	Starfish		Jan-11		Dec-11		250,000			287,000			—		—		63		—		—		—
						Brazil	Panoro Energy		Feb-12		Oct-12		270,000			250,000
C. Kirk Rhein, Jr.	semi		1976/1997	3,300	25,000	Malaysia					Stacked								—		—		—		—		—		—
Transocean Driller ^(7), (8)	semi		1991	3,000	25,000	Brazil	Petrobras		Jul-10		Jul-16		265,000			116,000			—		—		—		—		—		—
GSF Rig 135	semi		1983	2,800	25,000	Nigeria	Addax Petroleum		Jun-11		Jan-12		254,000			264,000			—		—		—		—		—		—
GSF Rig 140 ⁽⁶⁾	semi		1983	2,800	25,000	Nigeria													48		13		—		—		—		—
Falcon 100^{(7), (8)}	semi		1974/1999	2,400	25,000	Brazil	Petrobras		Mar-08		Apr-13		253,000			180,000			92		49		—		—		—		—
GSF Aleutian Key	semi		1976/1999/ 2001	2,300	25,000	Gabon					Stacked								—		—		—		—		—		—
Sedco 703	semi		1973/1995	2,000	25,000	Malaysia					Stacked								—		—		—		—		—		—
Sedco 711⁽⁷⁾	semi		1982	1,800	25,000	UKNS	Shell		Jan-11		Oct-11		418,000			383,000			—		—		—		—		—		—
						UKNS	ADTI		Oct-11		Nov-11		See Footnote 9			418,000
Transocean John Shaw ⁽⁷⁾	semi		1982	1,800	25,000	UKNS	Enquest		Jul-11		Oct-11		253,000			246,000			—		—		—		—		—		—
GSF Arctic III	semi		1984	1,800	25,000	UKNS	ExxonMobil		Jul-10		Oct-11		252,000	^(6),(7)		N/A			—		—		42		—		—		—
						Ireland	Providence		Oct-11		Dec-11		248,000			252,000	^(6),(7)
Sedco 712	semi		1983	1,600	25,000	UKNS					Stacked								—		—		—		—		—		—
Sedco 714 ⁽⁷⁾	semi		1983/1997	1,600	25,000	UKNS	Total		Jun-11		Dec-12		254,000			256,000			—		—		—		—		—		—
GSF Grand Banks ^(6), (8)	semi		1984	1,500	25,000	Canada	Husky		Jan-11		Jan-13		297,000			356,000			—		—		56		—		—		—
Actinia	semi		1982	1,500	25,000	Malaysia	Petronas		Jul-11		Oct-11		190,000			N/A			10		5		91		54		—		—
						Malaysia	Petronas		Oct-11		Dec-11		222,000			190,000
						India	ONGC		May-12		May-15		190,000			222,000
Sedco 601	semi		1983	1,500	25,000	Malaysia					Stacked								—		—		—		—		—		—
Sedneth 701	semi		1972/1993	1,500	25,000	Congo	Total		Aug-11		Dec-11		235,000			210,000			—		—		—		—		—		—
Transocean Winner ^(6), (7)	semi		1983	1,500	25,000	NNS	Lundin		Apr-10		Oct-12		480,000			390,000			49		12		—		—		—		—
						NNS	Marathon		Oct-12		Oct-13		448,000			480,000
Transocean Searcher ^(6), (7)	semi		1983/1988	1,500	25,000	NNS	Statoil		May-09		May-12		431,000			395,000			—		—		—		—		—		—
						NNS	BG		May-12		May-14		387,000			431,000
Transocean Prospect ⁽⁷⁾	semi		1983/1992	1,500	25,000	UKNS	Nexen		Jun-11		Feb-13		243,000			N/A			—		—		60		30		—		—
J.W. McLean	semi		1974/1996	1,250	25,000	UKNS					Stacked								—		—		—		—		—		—
Sedco 704	semi		1974/1993	1,000	25,000	UKNS	ADTI		Jan-11		Nov-11		See Footnote 9			417,000			—		—		88		42		—		—
						UKNS	Premier Oil		Nov-11		Dec-11		253,000			See Footnote 9			—		—		—		—		—		—

													Total Estimated Days Out of Service						248		79		400		136		20		—

													Estimated Average Contract Dayrate⁽⁵⁾					$	287,000	$	283,000	$	307,000	$	299,000	$	293,000	$	293,000


		Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Fleet Status Report
Updated: October 17, 2011
Revisions to Fleet Status Report Noted in Bold
Dynamically positioned «


	Floater Type	Yr. ⁽¹⁾ Entered Service		Water Depth (Feet)		Drilling Depth (Feet)		Location	Customer	Estimated Contract Start Date ⁽²⁾		Estimated Expiration Date ⁽²⁾		Dayrate on Current Contract ⁽³⁾ (Dollars)			Dayrate on Previous Contract⁽³⁾ (Dollars)

																				Estimated Out of Service Days ⁽⁴⁾
Rig Type/Name																				Q3 2011		Q4 2011		Q1 2012		Q2 2012		Q3 2012		Q4 2012

*High Specification Jackups (9)*

GSF Constellation I ⁽⁶⁾			2003		400		30,000	Gabon	Total		Dec-10		May-12		100,000			110,000			—		—		—		—		—		—
								Gabon	Mitsubishi		May-12		Jul-12		140,000			100,000

GSF Constellation II ⁽²⁰⁾			2004		400		30,000	Egypt	Pharonic Petroleum Company		Feb-10		May-12		109,000			194,000			—		—		—		29		47		—

GSF Galaxy I			1991/2001		400		30,000	UKNS					Stacked								—		—		—		—		—		—

GSF Galaxy II⁽⁷⁾			1998		400		30,000	UKNS	GDF Suez		Jul-11		Apr-12		168,000			N/A			—		—		—		—		—		—
									GDF Suez		Apr-12		Jan-13		191,000			168,000
GSF Galaxy III ^{(6), (7)}			1999		400		30,000	UKNS	Nexen		Oct-07		Nov-11		109,000			100,000			—		—		—		—		—		—
								UKNS	Nexen		Nov-11		Nov-12		144,000			109,000
GSF Baltic ^{(6), (7)}			1983		375		25,000	Nigeria	ExxonMobil		Jun-10		Jun-12		100,000			248,000			—		—		47		33		—		—
GSF Magellan			1992		350		30,000	Nigeria													22		43		3		—		—		—
GSF Monarch⁽⁶⁾			1986		350		30,000	Denmark	Maersk Oil		Jul-11		Jun-12		92,000			N/A			—		—		—		—		—		—
GSF Monitor			1989		350		30,000	Nigeria	Total		Mar-11		Oct-11		110,000			N/A			—		21		—		—		—		—
								Nigeria	Shebah E&P		Nov-11		Jan-12		123,000			110,000
								Ivory Coast	Rialto Energy		Jan-12		May-12		118,000			123,000

											Total Estimated Days Out of Service										22		64		50		62		47		—

											Estimated Average Contract Dayrate⁽⁵⁾									$	120,000	$	116,000	$	121,000	$	124,000	$	159,000	$	172,000


*Standard Jackups (50)*

Trident IX			1982		400		21,000	Malaysia	Petrofac		Jul-11		Jul-13		114,000			N/A			—		—		—		—		—		—
Trident 17			1983		300		25,000	Malaysia					Stacked								—		—		—		—		—		—
GSF Adriatic II			1981		350		25,000	Gabon					Stacked								—		—		—		—		—		—
GSF Adriatic IX			1981		350		25,000	Nigeria	Afren		Jul-11		Aug-12		100,000			92,000			—		—		31		—		—		—
GSF Adriatic X			1982		350		30,000	Nigeria	Addax Petroleum		Jun-11		Jan-12		110,000			N/A			31		—		—		—		—		—
GSF Key Manhattan			1980		350		25,000	Italy	Eni		Apr-10		Apr-13		137,000			N/A			—		—		—		—		—		12
GSF Key Singapore			1982		350		25,000	Egypt					Stacked								—		—		—		—		—		—
GSF Adriatic VI			1981		328		25,000	Gabon					Stacked								—		—		—		—		—		—
GSF Adriatic VIII			1983		328		25,000	Gabon					Stacked								—		—		—		—		—		—
C.E. Thornton ⁽⁷⁾			1974		300		25,000	India	ONGC		Oct-08		Oct-11		124,000			45,000			—		—		—		—		—		—
D.R. Stewart			1980		300		25,000	Croatia					Stacked								—		—		—		—		—		—
F.G. McClintock			1975		300		25,000	India					Idle								—		—		—		—		—		—
GSF Adriatic I			1981		300		25,000	Gabon					Stacked								—		—		—		—		—		—
GSF Adriatic V			1979		300		25,000	Gabon					Stacked								—		—		—		—		—		—
GSF Compact Driller			1992		300		25,000	Thailand	Chevron		Oct-09		Apr-12		100,000	⁽²¹⁾		196,000			—		—		—		14		—		—
								Thailand	Chevron		Apr-12		Dec-12		100,000			100,000	⁽²¹⁾
GSF Galveston Key			1978		300		25,000	Vietnam	Cuu Long JOC		Mar-11		Nov-11		103,000			100,000			—		—		—		21		—		—
								Vietnam	Cuu Long JOC		Nov-11		Mar-12		116,000			103,000
GSF Key Gibraltar			1976/1996		300		25,000	Thailand	Chevron		Jul-11		Jun-14		105,000	⁽²¹⁾		N/A			15		—		—		—		—		—
GSF Key Hawaii			1982		300		25,000	Vietnam	Petrovietnam		Sep-11		Dec-11		116,000			N/A			22		—		—		—		—		—
GSF Main Pass I			1982		300		25,000	Saudi Arabia	Saudi Aramco		Jun-11		Sep-14		73,000			164,000			—		—		85		—		—		—
GSF Main Pass IV			1982		300		25,000	Saudi Arabia	Saudi Aramco		Jul-11		Oct-14		73,000			164,000			—		79		6		—		—		—
GSF Parameswara			1983		300		20,000	Indonesia	Total		Nov-09		Dec-12		122,000			168,000			—		—		—		—		—		—
GSF Rig 134			1982		300		20,000	Malaysia					Stacked								—		—		—		—		—		—
GSF Rig 136			1982/1999/ 2002		300		25,000	Malaysia					Stacked								—		—		—		—		—		—
Harvey H. Ward			1981		300		25,000	Indonesia	Pertamina		Nov-11		May-13		97,000			N/A			61		—		—		—		—		—
Interocean III			1978/1993		300		25,000	Egypt					Stacked								—		—		—		—		—		—
J.T. Angel			1982		300		25,000	India	ONGC		May-10		May-13		65,000			N/A			—		—		—		—		—		—
Randolph Yost			1979		300		25,000	India					Stacked								—		—		—		—		—		—
Roger W. Mowell			1982		300		25,000	Malaysia					Stacked								—		—		—		—		—		—
Ron Tappmeyer			1978		300		25,000	India	ONGC		Jun-10		Jun-13		65,000			64,000			2		—		16		4		—		—


		Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Fleet Status Report
Updated: October 17, 2011
Revisions to Fleet Status Report Noted in Bold
Dynamically positioned «


	Floater Type			Yr. ⁽¹⁾ Entered Service		Water Depth (Feet)		Drilling Depth (Feet)		Location	Customer	Estimated Contract Start Date ⁽²⁾		Estimated Expiration Date ⁽²⁾		Dayrate on Current Contract ⁽³⁾ (Dollars)			Dayrate on Previous Contract⁽³⁾ (Dollars)

																					Estimated Out of Service Days ⁽⁴⁾
Rig Type/Name																					Q3 2011		Q4 2011		Q1 2012		Q2 2012		Q3 2012		Q4 2012

Transocean Shelf Explorer					1982		300		20,000	Malaysia					Stacked							—		—		—		—		—		—
Transocean Nordic					1984		300		25,000	Malaysia					Stacked							—		—		—		—		—		—
Trident 15					1982		300		25,000	Thailand	Chevron		Feb-10		Feb-12		92,000	⁽²²⁾		100,000		—		—		—		20		—		—
													Feb-12		Jun-13		100,000			100,000
Trident 16					1982		300		25,000	Malaysia	Petronas Carigali		Sep-11		Dec-11		118,000			189,000		—		7		90		—		—		—
										Thailand	Chevron		Mar-12		Mar-13		124,000			118,000
Trident II					1977/1985		300		25,000	India	ONGC		Mar-10		Apr-15		78,000			140,000		—		7		14		—		—		—
Trident IV-A					1980/1999		300		25,000	Gabon					Stacked							—		—		—		—		—		—
Trident VIII					1981		300		21,000	Gabon	Perenco		Oct-11		Mar-13		96,000			85,000		—		17		18		—		—		—
Trident XII					1982/1992		300		25,000	India	ONGC		May-10		May-13		65,000			140,000		—		—		14		—		—		—
Trident XIV					1982/1994		300		25,000	Angola	Chevron		May-11		Nov-11		105,000			154,000		—		—		—		—		—		—
GSF High Island II					1979		270		20,000	Saudi Arabia	Saudi Aramco		Jul-11		Oct-14		73,000			164,000		—		—		85		—		—		—
GSF High Island IV					1980/2001		270		20,000	Saudi Arabia	Saudi Aramco		May-07		Sep-14		73,000			107,000		80		—		—		—		—		—
GSF High Island V					1981		270		20,000	Gabon					Stacked							—		—		—		—		—		—
GSF High Island IX					1983		250		20,000	Ghana					Stacked							—		—		—		—		—		—
GSF High Island VII					1982		250		20,000	Nigeria	Afren		Oct-11		Dec-11		100,000			88,000		—		—		—		31		—		—
										Nigeria	Afren		Dec-11		Mar-12		110,000			100,000
GSF Rig 103					1974		250		20,000	Egypt					Stacked							—		—		—		—		—		—
GSF Rig 105					1975		250		20,000	Egypt	Petrobel		Jan-11		Feb-12		62,000			112,000		—		—		—		—		—		—
GSF Rig 124					1980		250		20,000	Egypt	Petrobel		Jun-11		Oct-11		63,000			N/A		—		—		—		—		—		28
GSF Rig 127					1981		250		20,000	Bahrain					Stacked							—		—		—		—		—		—
GSF Rig 141					1982		250		20,000	Egypt	GUPCO		Jul-11		Jul-13		55,000			N/A		—		—		—		—		25		—
Transocean Comet					1980		250		20,000	Egypt	GUPCO		Sep-09		Sep-12		50,000			112,000		—		—		—		30		—		—
Trident VI					1981		220		21,000	Malaysia					Stacked							—		—		—		—		—		—
																	Total Estimated Days Out of Service					211		110		359		120		25		40

																	Estimated Average Contract Dayrate⁽⁵⁾				$	96,000	$	90,000	$	89,000	$	89,000	$	88,000	$	89,000


*Swamp Barges (1)*

Hibiscus^{(6), (16)}					1979/1993		25		20,000	Indonesia	Total		Oct-07		Nov-12		73,000			74,000		—		—		—		—		—		—

Fixed-Price Options ⁽¹⁰⁾

*Ultra-Deepwater*
GSF Explorer		ship	«		1972/1998		7,800		30,000	Indonesia	Marathon- led Consortium		Jul-12		Oct-12		510,000			510,000


		Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Fleet Status Report
Updated: October 17, 2011
Revisions to Fleet Status Report Noted in Bold
Dynamically positioned «

Floater

Type

Yr. ⁽¹⁾

Entered

Service

Water

Depth

(Feet)

Drilling

Depth

(Feet)

Location

Customer

Estimated

Contract

Start Date ⁽²⁾

Estimated

Expiration

Date ⁽²⁾

Dayrate on

Current

Contract ⁽³⁾

(Dollars)

Dayrate on

Previous

Contract⁽³⁾

(Dollars)

Estimated Out of Service Days ⁽⁴⁾

Rig Type/Name

Q3 2011

Q4 2011

Q1 2012

Q2 2012

Q3 2012

Q4 2012

Harsh Environment

Transocean Barents ^{(6), (7),
(28)}

semi«

2009

10,000

30,000

NNS

DNO

Jul-14

Jul-16

573,000

⁽³¹⁾

573,000

⁽³¹⁾

Transocean Spitsbergen ^{(6), (7), (28),
(30)}

semi«

2010

10,000

30,000

NNS

Statoil

Jul-13

Jul-15

525,000

503,000

Jul-15

Jul-17

525,000

Transocean Leader ^{(6), (7)}

semi

1987/1997

4,500

25,000

NNS

Statoil

Feb-15

Feb-16

400,000

471,000

Paul B. Loyd, Jr. ^(6),
(7)

semi

1990

2,000

25,000

UKNS

Mar-13

Jun-13

344,000

346,000

Jun-13

Sep-13

344,000

Transocean Arctic ^{(6), (7)}

semi

1986

1,650

25,000

NNS

Rig Management
Norway

Feb-14

Aug-14

413,000

395,000

NNS

Rig Management
Norway

Oct-14

Mar-15

413,000

Midwater Floaters

Transocean Searcher ^{(6), (7)}

semi

1983/1988

1,500

25,000

NNS

May-14

Nov-15

387,000

380,000

Transocean Prospect ⁽⁷⁾

semi

1983/1992

1,500

25,000

UKNS

Nexen

Feb-13

Aug-13

245,000

Transocean Winner ^(6),
(7)

semi

1983

1,500

25,000

NNS

Marathon

Oct-13

Aug-14

448,000

High Specification Jackups

GSF Constellation II ⁽²⁰⁾

2004

400

30,000

Egypt

Pharaonic
Petroleum
Company

Mar-12

Oct-12

115,000

109,000

Oct-12

Apr-13

118,000

115,000

GSF Galaxy III ^{(6), (7)}

1999

400

30,000

UKNS

Nexen

Nov-12

May-13

144,000

147,000

GSF Monarch⁽⁶⁾

1986

350

30,000

Denmark

Maersk Oil

Jul-12

Nov-12

92,000

93,000

Nov-12

Mar-13

92,000

Mar-13

Jul-13

92,000

GSF Monitor

1989

350

30,000

Ivory Coast

Rialto Energy

May-12

Jun-12

118,000

123,000

Standard Jackups

GSF Adriatic X

1982

350

30,000

Nigeria

Addax
Petroleum

Jan-12

Jun-12

110,000

GSF Rig 124

1980

250

20,000

Egypt

Petrobel

Oct-11

Dec-11

63,000

Harvey H. Ward

1981

300

25,000

Indonesia

Pertamina

May-13

Nov-13

97,000

N/A

GSF Key Hawaii

1982

300

25,000

Vietnam

Petrovietnam

Dec-11

Feb-12

116,000

N/A

Trident VIII

1981

300

21,000

Gabon

Perenco

Apr-13

Oct-13

Footnote 26

96,000

Revenue Efficiency

Revenue Efficiency is defined as actual contract drilling revenue divided by the highest amount of total contract drilling revenue which could have been earned during the relevant period(s) expressed as a percentage. Revenue Efficiency measures how much revenue we have earned against our maximum potential revenue per the contract. Revenue Efficiency does not apply during Out of Service Days (Shipyard, Mobilizations, Demobilizations, Contract Preparation). The following table has been restated for Caspian Sea discontinued operations.


	Q2 2011 Actual			Q1 2011 Actual			Q4 2010 Actual			Q3 2010 Actual			Q2 2010 Actual			Q1 2010 Actual			Q4 2009 Actual			Q3 2009 Actual			Q2 2009 Actual
Ultra Deepwater		89.3	%		85.3	%		86.1	%		86.5	%		89.1	%		92.2	%		92.2	%		92.7	%		97.7	%
Deepwater		93.9	%		88.2	%		88.6	%		90.1	%		92.8	%		89.7	%		91.9	%		91.3	%		83.2	%
Harsh Environment Floaters		98.4	%		99.2	%		96.1	%		96.4	%		96.9	%		94.8	%		97.7	%		97.2	%		97.9	%
Midwater Floaters		91.9	%		93.6	%		85.0	%		96.2	%		93.9	%		94.7	%		95.1	%		97.4	%		91.9	%
High Specification Jackups		95.6	%		95.1	%		97.7	%		93.3	%		98.9	%		92.5	%		98.2	%		94.7	%		94.7	%
Standard Jackups		98.4	%		97.7	%		98.9	%		96.4	%		97.3	%		97.1	%		93.7	%		98.4	%		95.3	%
Others		97.6	%		99.0	%		96.1	%		99.6	%		98.5	%		99.5	%		98.7	%		84.8	%		99.5	%

Total Fleet		92.1	%		90.0	%		88.7	%		91.8	%		92.8	%		93.2	%		93.5	%		95.0	%		93.1	%

Estimated Contract Drilling Revenue can be calculated as: Paid Days on Contract * Average Contract Dayrate * Revenue Efficiency


		Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Fleet Status Report
Updated: October 17, 2011
Revisions to Fleet Status Report Noted in Bold


*Stacked Rigs*
Rig Type/Name		Start Date
*Deepwater (5)*

Discoverer 534		6/16/2011
Sedco 709		Prior to 2010
Transocean Richardson		3/15/2011
Jim Cunningham		5/13/2010
Sovereign Explorer		11/1/2010
*Midwater Floaters (7)*

Sedco 700		Prior to 2010
C. Kirk Rhein, Jr.		Prior to 2010
GSF Aleutian Key		1/9/2010
Sedco 703		Prior to 2010
Sedco 712		Prior to 2010
Sedco 601		4/9/2011
J.W. McLean		4/13/2011
*High Specification Jackups (1)*

GSF Galaxy I		Prior to 2010
*Standard Jackups (21)*

Trident 17		Prior to 2010
GSF Adriatic II		Prior to 2010
GSF Key Singapore		10/21/2010
GSF Adriatic VI		Prior to 2010
GSF Adriatic VIII		7/3/2010
D.R. Stewart		8/7/2010
GSF Adriatic I		Prior to 2010
GSF Adriatic V		Prior to 2010
GSF Rig 134		5/3/2010
GSF Rig 136		Prior to 2010
Interocean III		Prior to 2010
Randolph Yost		9/15/2010
Roger W. Mowell		8/29/2010
Transocean Shelf Explorer		Prior to 2010
Transocean Nordic		Prior to 2010
Trident IV-A		Prior to 2010
GSF High Island V		Prior to 2010
GSF High Island IX		Prior to 2010
GSF Rig 103		Prior to 2010
GSF Rig 127		Prior to 2010
Trident VI		Prior to 2010
*Idle Rigs*
Rig Type/Name		Start Date
*Standard Jackups (1)*

F.G. McClintock		10/10/2011

Stacked and Idle rigs detailed above are not currently operating on contract. Start date denotes when rig commences idle or stacked status. An “Idle” rig is between contracts, readily available for operations, and operating costs are typically at or near normal levels. A “Stacked” rig, on the other hand, is manned by a reduced crew or unmanned and typically has reduced operating costs and is (i) preparing for an extended period of inactivity, (ii) expected to continue to be inactive for an extended period, or (iii) completing a period of extended inactivity. However, stacked rigs will continue to incur operating costs at or above normal operating costs for 30 to 60 days following initiation of stacking.


		Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Fleet Status Report
Updated: October 17, 2011
Revisions to Fleet Status Report Noted in Bold

Footnotes

⁽¹⁾	Dates shown are the original service date and the date of the most recent upgrade, if any.

⁽²⁾

As of April 2, 2009, Estimated Contract Start and Estimated Expiration Dates are calculated as follows: (1) for events estimated to occur between the 1st and 15th of a month, the previous month is reported (i.e. a contract which is estimated to commence on May 4, 2009 will be reported as commencing in April 2009) and (2) for events estimated to occur between the 16th and the end of a month, the actual month is reported (i.e. a contract which is estimated to commence on May 24, 2009 will be reported as commencing in May 2009). Expiration dates represent the company’s current estimate of the earliest date the contract for each rig is likely to expire. Some rigs have two or more contracts in continuation, so the last line shows the estimated earliest availability. Many contracts permit the customer to extend the contract.

⁽³⁾

Represents the full operating dayrate, although the average dayrate over the term of the contract will be lower and could be substantially lower. Does not reflect incentive programs which are typically based on the rig’s operating performance against a performance curve. Please refer to the “Customer Contract Duration and Dayrates and Risks Associated with Operations” section of the Disclaimers & Definitions for a description of dayrates. This column may not reflect the rate currently being received under the contract as a result of an applicable standby rate or other rate, which typically is less than the contract dayrate.

⁽⁴⁾

The out of service time represents those days where a rig is scheduled to be out of service and not be available to earn an operating dayrate. Please refer to the “Out of Service Days (Shipyards, Mobilizations, Demobilizations, Contract Preparation)” section of the Disclaimers & Definitions for a full description.

⁽⁵⁾	Estimated Average Contract Dayrate is defined as the average contracted full operating dayrate to be earned per revenue earning day. See note (3) for definition of full operating dayrate.

⁽⁶⁾	Reflects the current contracted dayrate which could reflect prior cost escalations and could change in the future due to further cost escalations.

⁽⁷⁾	Reflects the current contracted dayrate which is comprised of a foreign currency component and which could change due to foreign exchange adjustments.

⁽⁸⁾	Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate.

⁽⁹⁾

For the period of time that this rig is contracted to Applied Drilling Technology International, the drilling management services division of the company’s U.K. operating subsidiary, or Applied Drilling Technology Inc., the company’s U.S. drilling management services subsidiary, accounting rules require that we eliminate the revenues and costs related to those contracts from the contract drilling segment of the consolidated statement of operations. Revenues from turnkey contracts will be recognized in other revenues and are contingent upon successful completion of the well program.

⁽¹⁰⁾

Fixed price options may be exercised at the customer’s discretion. During periods when dayrates on new contracts are increasing relative to existing contracts, the likelihood of customers’ exercising fixed price options increases. During periods when dayrates on new contracts are decreasing relative to existing contracts, the likelihood of customers’ exercising fixed price options declines.

⁽¹¹⁾

Until May 2012, the Deepwater Champion will operate in Turkey (Black Sea) at $690,000. Subsequent operating location is yet to be determined, and the dayrate under the contract could change depending on the country of future operations. For example, the dayrate could change to $640,000 or $650,000 if the operating location of the rig is moved to the USGOM or Brazil, respectively.

⁽¹²⁾

We have been awarded a five-year drilling contract by Chevron which requires the construction and operation of a yet to be named Keppel FELS Super B Class Jackup. Operations are expected to commence during the first quarter of 2013, after shipyard construction followed by sea trials, mobilization to Thailand and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first 36 months of the contract, the contract dayrate is $135,000, excluding escalation. The dayrate may be adjusted for the remaining 24 months based on market dayrates within specific parameters.

⁽¹³⁾

We have been awarded a five-year drilling contract by Chevron which requires the construction and operation of a yet to be named Keppel FELS Super B Class Jackup. Operations are expected to commence during the third quarter of 2013, after shipyard construction followed by sea trials, mobilization to Thailand and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first 36 months of the contract, the contract dayrate is $135,000, excluding escalation. The dayrate may be adjusted for the remaining 24 months based on market dayrates within specific parameters.

⁽¹⁴⁾	In November 2010 we agreed to purchase a Pacific Class 400 design jackup to be named Transocean Honor. Construction of the jackup is expected to be completed in the fourth quarter of 2011. We are actively marketing the jackup.

⁽¹⁵⁾

Until August 2012, the contract dayrate is $469,000, subject to cost escalation. The dayrate for the remainder of the contract is linked to the standard West Texas Intermediate crude oil price with a floor of $40 per barrel resulting in a contract dayrate of $400,000 and a ceiling of $70 per barrel resulting in a contract dayrate of $500,000, subject to cost escalation.

⁽¹⁶⁾	The rig is owned by a joint venture in which the company owns less than a 100 percent interest. Dayrate reflects 100 percent of the contract rate.

⁽¹⁷⁾

The customer may elect to have the operating dayrate for the last five years of the contract fluctuate based on crude oil price with a floor of $458,250 corresponding to a crude oil price of less than or equal to $50 per barrel, and a ceiling of $558,250 corresponding to a crude oil price of $100 per barrel or greater.

⁽¹⁸⁾	The customer has the right to convert the three-year contract to a five-year contract until October 31, 2011. The dayrate will become $490,000 excluding escalation from the exercise date if the Customer exercises this right.

⁽¹⁹⁾	Until October 2011, the Deepwater Millennium will operate in Ghana at $576,000. Subsequent operating location is yet to be determined, and the dayrate under the contract could change depending on the country of future operations.

⁽²⁰⁾	The contract includes three optional wells. The first optional well has a dayrate of $115,000. The dayrate for the second and third optional well will be adjusted based on market dayrates within specific parameters.

⁽²¹⁾	Dayrate is fixed for first 6 months then subject to quarterly adjustment based on market dayrates within specific parameters.

⁽²²⁾	Dayrate subject to annual adjustment based on market dayrates within specific parameters.

⁽²³⁾	Dayrate excludes tax amounts, to be determined, for which Transocean will be reimbursed.

⁽²⁴⁾	While the customer has the option to add any out of service days to the end of the contract, the Estimated Expiration Date does not reflect any extension due to this option until actually exercised by the customer.

⁽²⁵⁾	The customer has the right to extend the program in USGOM for another 6 months.

⁽²⁶⁾	The customer has the option to extend the contract for an additional six month period at any time prior to October 30, 2012 at a dayrate with a floor of $85,000 and a ceiling of $130,000, to be mutually agreed upon between us and the customer at the time of exercise.

⁽²⁷⁾

We have been awarded a three-year drilling contract by Chevron which requires the construction and operation of a yet to be named Keppel FELS Super B Class Jackup. Operations are expected to commence during the fourth quarter of 2013, after shipyard construction followed by sea trials, mobilization to Thailand and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. The contract dayrate is $145,000, excluding escalation.

⁽²⁸⁾	In October 2011, we acquired 100% of Aker Drilling ASA. Through the transaction we acquired two rigs, renamed Transocean Barents and Transocean Spitsbergen. Through the transaction we also acquired two Ultra-Deepwater drillships under construction with DSME.

⁽²⁹⁾	Construction of the DSME 12000 Drillship TBN1 and DSME 12000 Drillship TBN2 is expected to be completed in the first and second quarter of 2014 followed by sea trials and mobilization.

⁽³⁰⁾	Dayrate excludes additional premiums for parallel operations at well centers, dynamic position operations and operations in water depths greater than 500 meters.

⁽³¹⁾	Dayrate excludes additional premiums for parallel operations at well centers, dynamic position operations and HPHT operations. Reduced dayrate will apply up to a maximum of 200 days for operation in water depths less or equal to 500 meters.


		Transocean Ltd. (NYSE: RIG), (SIX: RIGN) Fleet Status Report

DISCLAIMERS & DEFINITIONS

The information contained in this Fleet Status Report (the “Information”) is as of the date of the report only and is subject to change without notice to the recipient. Transocean Ltd. assumes no duty to update any portion of the Information.

DISCLAIMER. NEITHER TRANSOCEAN LTD. NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED “AS IS.” Neither Transocean Ltd. nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of cause, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.

No Unauthorized Publication or Use. All information provided by Transocean in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Transocean.

Customer Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the customer contracts are estimates only, and customer contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Transocean. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Transocean. Our customer contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in our filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC’s website at www.sec.gov. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.

Out of Service Days (Shipyards, Mobilizations, Demobilizations, Contract Preparation). Changes in estimated out of service time are noted where changes in the time Transocean anticipates that a rig is scheduled to be out of service and not be available to earn an operating dayrate have changed by a period of 30 days or longer for High Specification Floaters or 60 days or longer for all other rig classifications since the previously issued Monthly Fleet Update Summary or Comprehensive Fleet Status Report. The changes to estimated out of service time included in this Fleet Status may not be firm and could change significantly based on a variety of factors. Any significant changes to our estimates of out of service time will be reflected in subsequent Monthly Fleet Updates and Comprehensive Fleet Status Reports, as applicable.

Contract Preparation refers to periods during which the rig is undergoing modifications or upgrades as a result of contract requirements. Shipyards refers to periods during which the rig is out of service as a result of other scheduled shipyards, surveys, repairs, regulatory inspections or other scheduled service or work on the rig.

In some instances such as certain mobilizations, demobilizations, upgrades and shipyards, we are paid compensation by our customers that is generally recognized over the life of the primary contract term of the drilling project, although such compensation is not typically significant in relation to the revenues generated by the dayrates we charge our customers. When mobilization or demobilization occurs during a contract period, we recognize revenues as earned. In instances where mobilization or demobilization time occurs before or between the start of a contract period, the stated estimated contract start date represents the expected commencement date for the primary contract term of the drilling project and the point at which we expect to begin recognizing revenues.

Forward-Looking Statement. The statements made in the Fleet Update that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Fleet Update include, but are not limited to, statements involving the estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations and planned shipyard projects and other out of service time. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the contract drilling industry, shipyard delays, actions and approvals of third parties, possible cancellation or suspension of drilling contracts as a result of mechanical difficulties or performance, Transocean’s ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations and the outcome of negotiations with unions representing workers, operating hazards, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, hurricanes and other weather conditions, terrorism, political and other uncertainties inherent in non-U.S. operations (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in Transocean’s most recently filed Form 10-K, in Transocean’s Forms 10-Q for subsequent periods and in Transocean’s other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward looking statements, except as required by law.

Fleet Classification. Transocean uses a rig classification for its semisubmersible rigs and drillships to reflect the company’s strategic focus on the ownership and operation of premium, high specification floating rigs. The rig classification “High Specification Floaters” is comprised of “Ultra-Deepwater” which refers to the latest generation of semisubmersible rigs and drillships possessing the latest technical drilling capabilities and the ability to operate in water depths equal to or greater than 7,500 feet, “Deepwater” which refers to semisubmersible rigs and drillships that possess the ability to drill in water depths equal to or greater than 4,500 feet, and “Harsh Environment” comprised of sevenof the company’s premium harsh environment rigs, the semisubmersibles Transocean Barents, Transocean Spitsbergen, Henry Goodrich, Transocean Leader, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The category titled “Midwater Floaters” represents semisubmersible rigs and drillships that possess the ability to drill in water depths of up to 4,499 feet. The jackup fleet is subdivided into two categories; “High Specification” which consists of harsh environment and high performance jackups and “Standard”.

Stacking. An “Idle” rig is between contracts, readily available for operations, and operating costs are typically at or near normal levels. A “Stacked” rig, on the other hand, is manned by a reduced crew or unmanned and typically has reduced operating costs and is (i) preparing for an extended period of inactivity, (ii) expected to continue to be inactive for an extended period, or (iii) completing a period of extended inactivity. However, stacked rigs will continue to incur operating costs at or above normal operating costs for 30 to 60 days following initiation of stacking.

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