Transocean CEO Robert Long to Retire in First Quarter of 2010

Transocean (NYSE:RIG) announces that Robert Long Chief Executive Officer and a member of the Board of Directors of Transocean Ltd. will retire in the first quarter of 2010. The Board of Directors has named Steven Newman, currently President and Chief Operating Officer, to succeed Mr. Long upon his retirement as CEO.

Robert E. Rose, Chairman of the Board of Directors, said, “We thank Bob for his tremendous contributions to the company for over 30 years, including, as CEO, his role in creating a strong, world-class organization from the combination of Transocean and GlobalSantaFe.”

Prior to being named as Transocean’s CEO in October 2006, Mr. Long served in various executive-level positions since October 2002. Previously, he was elected Vice President in 1987, Senior Vice President in 1990, Senior Vice President and CFO in 1996, Senior Vice President, Treasurer and CFO in 1997, Executive Vice President, Treasurer and CFO in 2000, President in 2001 and President and Chief Operating Officer in 2002.

Mr. Long joined the company in 1976 as Corporate Planning Manager.

Chairman of the Board of Directors Robert Rose, said “The Board chose to name Steven [Newman] as part of its succession planning and in order to ensure a smooth transition. The Board believes Steven will do an excellent job leading Transocean forward.”

Mr. Newman said, “I want to thank Bob for his superior leadership in transforming this company into a truly first-class organization with the world’s largest offshore drilling fleet. I have great confidence in the future of Transocean, and I look forward to working closely with Bob and the Board to ensure a smooth transition.”

Before being named to his current position, Mr. Newman served since late 2007 as Executive Vice President of Performance. He previously served in senior management roles, including Executive Vice President and Chief Operating Officer, Senior Vice President of Human Resources, Information Process Solutions, and Treasury, and Vice President of Performance and Technology. He also has served as Regional Manager for the Asia and Australia Region and in international field and operations management positions.

Mr. Newman holds a Bachelor of Science degree in Petroleum Engineering from the Colorado School of Mines and an MBA from the Harvard University Graduate School of Business.

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