Transocean Ltd. — Director's Dealing 2010

Dec 2, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Transocean Ltd. (RIG)
CIK: 0001451505
Period of Report: 2010-12-02

Reporting Person: MULLER EDWARD R (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2010-12-02	Registered Shares	M	3387	$64.6357	Acquired	9940	Direct
2010-12-02	Registered Shares	S	3387	$70.00	Disposed	6653	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-12-02	Stock Options	$64.6357	M	3387	Disposed	2011-05-07	Registered Shares (3387)	Direct

Footnotes

F1: The transactions reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan.

F2: The number of shares reported as beneficially owned following the reported transactions on the reporting person's amended Form 4 dated November 29, 2007 and filed on February 14, 2008 included one share more than the number that should have been reported due to a rounding error. As of such date, the reporting person beneficially owned 6,553 ordinary shares and not 6,554 ordinary shares.

F3: The options are fully vested and exercisable.