Transocean Ltd. — Director's Dealing 2011

May 17, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Transocean Ltd. (RIG)
CIK: 0001451505
Period of Report: 2011-05-13

Reporting Person: CASON THOMAS W (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-16	Registered Shares	M	3387	$64.6357	Acquired	13426	Direct
2011-05-16	Registered Shares	S	3387	$70.00	Disposed	10039	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-13	Deferred Units	$0	M	3768	Acquired		Registered Shares (3768)	Direct
2011-05-16	Stock Options	$64.6357	M	3387	Disposed	2011-05-17	Registered Shares (3387)	Direct

Footnotes

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

F2: Deferred Units, which are 1-for-1 registered share equivalents, were acquired on May 13, 2011 pursuant to the issuer's long-term incentive plan. Deferred Units vest in equal installments on May 13, 2012, 2013 and 2014. Pursuant to the award agreement, such Deferred Units will be payable in registered shares of the issuer upon the reporting person's death, disability or retirement from the Board.

F3: The options are fully vested and exercisable.