Transocean Ltd. — Director's Dealing 2011

Feb 23, 2011

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Transocean Ltd. (RIG)
CIK: 0001451505
Period of Report: 2011-02-18

Reporting Person: Briscoe John H (Vice President and Controller)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-02-18	Registered Shares	M	1526	—	Acquired	3601	Direct
2011-02-18	Registered Shares	F	441	—	Disposed	3160	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-02-18	Deferred Units	$0	M	1526	Disposed		Registered Shares (1526)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Registered Shares	688	Indirect

Footnotes

F1: Deferred Units, which are 1-for-1 share equivalents, acquired on February 18, 2010, pursuant to the Issuer's long-term incentive plan. One-third of such deferred units vested on February 18, 2011, resulting in delivery of registered shares to the reporting person.

F2: Shares automatically withheld upon vesting to satisfy tax withholding obligations.