Offshore Rig Firm Transocean Partners LLC Launch IPO

Transocean Partners LLC, a Marshall Islands limited liability company formed by Transocean Ltd. (RIG), says it has commenced an initial public offering of 17,500,000 common units representing limited liability company interests pursuant to a Registration Statement on Form S-1 previously filed with the U.S. Securities and Exchange Commission.

All of the common units are being offered by Transocean Partners Holdings Limited, a wholly owned subsidiary of Transocean Ltd. The underwriters of the offering are expected to be granted a 30-day option to purchase up to an additional 2,625,000 common units from Transocean Partners Holdings Limited. The common units are expected to trade on the New York Stock Exchange under the ticker symbol "RIGP."

The common units being offered represent a 25.4 percent limited liability company interest in Transocean Partners LLC, or a 29.2 percent limited liability company interest if the underwriters exercise in full their option to purchase additional common units. Transocean Ltd., through Transocean Partners Holdings Limited, will own the remaining limited liability company interests in Transocean Partners.

Morgan Stanley (MS), Barclays (BCS), Citigroup, J.P. Morgan and Wells Fargo Securities are acting as joint book-running managers for the offering. Credit Suisse, Goldman, Sachs & Co., BofA Merrill Lynch, DNB Markets, MUFG, Credit Agricole (XCA.F) CIB and Standard Chartered (SCBFF) are acting as co-managers. The offering is being made only by means of a prospectus. When available, copies of the preliminary prospectus may be obtained from any of the above managers.

About Transocean Partners LLC
Transocean Partners LLC is a growth-oriented limited liability company formed by Transocean Ltd. to own, operate and acquire modern, technologically advanced offshore drilling rigs. With headquarters in Aberdeen, Scotland, Transocean Partners LLC's assets consist of 51 percent interests in rig-owning and rig-operating companies that own and operate three ultra-deepwater drilling rigs that are currently operating in the U.S. Gulf of Mexico.

Further information is available at Transocean's web site: http://www.deepwater.com/investor-relations/