Transocean Ltd. — Director's Dealing 2010

May 18, 2010

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Transocean Ltd. (RIG)
CIK: 0001451505
Period of Report: 2010-05-14

Reporting Person: STRACHAN IAN (Director)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2010-05-14	Deferred Units	$0	A	3703	Acquired		Registered Shares (3703)	Direct

Footnotes

F1: Deferred Units, which are 1-for-1 registered share equivalents, were acquired on May 14, 2010 pursuant to the issuer's long-term incentive plan. Deferred Units vest in equal installments on May 14, 2011, 2012 and 2013. The reporting person elected in 2009 for such Deferred Units to be payable in registered shares of the issuer upon the reporting person's death, disability or retirement from the Board.