Transocean Shareholders Approve Change of Place of Incorporation

Transocean announced that a meeting of shareholders was held today, with the company receiving the necessary shareholder approval to complete the proposed change of place of incorporation of its group holding company from the Cayman Islands to Switzerland.

The company currently estimates that it will complete the Transaction on December 18, 2008. The Transaction remains subject to the approval of the Grand Court of the Cayman Islands at a hearing scheduled to be held on December 16, 2008 and other closing conditions.