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: ANDERSON W RICHARD (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2011-05-16	Registered Shares	M	567	—	Acquired	4558	Direct
2011-05-15	Registered Shares	M	1188	—	Acquired	5746	Direct
2011-05-17	Registered Shares	F	238	—	Disposed	5508	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2011-05-16	Deferred Units	$0	M	567	Disposed		Registered Shares (567)	Direct
2011-05-15	Deferred Units	$0	M	1188	Disposed		Registered Shares (1188)	Direct
2011-05-13	Deferred Units	$0	A	3768	Acquired		Registered Shares (3768)	Direct

Footnotes

F1: On May 16, 2008, the reporting person was granted 1,701 Deferred Units, which are 1-for-1 registered share equivalents. On May 16, 2011, one third of the award vested per its terms and was paid in registered shares of the issuer per the reporting person's election in 2008 for such Deferred Units to be payable in registered shares upon the earliest of (i) annual vesting of such Deferred Units, (ii) change of control of the issuer or (iii) the reporting person's death, disability or retirement from the Board.

F2: On May 15, 2009, the reporting person was granted 3,565 Deferred Units, which are 1-for-1 registered share equivalents. On May 15, 2011, one third of the award vested per its terms and was paid in registered shares of the issuer per the reporting person's election in 2009 for such Deferred Units to be payable in registered shares upon the earliest of (i) annual vesting of such Deferred Units, (ii) change of control of the issuer or (iii) the reporting person's death, disability or retirement from the Board.

F3: Shares automatically withheld upon vesting to satisfy tax withholding obligations.

F4: 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.