Exhibit 99.1

SEAGATE TECHNOLOGY REPORTS FISCAL FIRST QUARTER
2010 FINANCIAL RESULTS

-  Quarterly revenue of $2.66 billion

-  Establishes long-term gross margin target of 22-26%

-  Fiscal year-to-date debt reduction of $685 million

SCOTTS VALLEY, CA — October 20, 2009 — Seagate Technology (NASDAQ: STX) today reported financial results for the quarter ended October 2, 2009 of 46.3 million disk drive unit shipments, revenue of $2.66 billion, gross margin of 24.5%, net income of $179 million and diluted earnings per share of $0.35. The financial results for the quarter include $10 million of purchased intangibles amortization, $46 million of restructuring and a write down of long-lived assets of $64 million. The aggregate impact of these items is $120 million or approximately $0.23 per share.

During the first fiscal quarter, Seagate reduced short-term borrowings and long-term debt by approximately $465 million primarily with the maturity of its $300 million floating rate senior notes and by paying down its revolving credit facility by $150 million. Subsequent to the end of the first fiscal quarter, Seagate paid off the remaining balance of its revolving credit facility of $200 million and made open market purchases of $20 million, bringing the total debt reduction during fiscal 2010 to approximately $685 million.

“At a time when economic conditions remained challenging we are very pleased with the company’s financial performance, delivering strong revenues, margins and cash generation,” said Steve Luczo, Seagate CEO. “The company has returned to its operating model well ahead of our expectations of six months ago and now expects to sustain gross margin of 22-26%. Although mission critical enterprise demand in particular has yet to recover to historical levels, we benefitted from our time-to-market product delivery to customers integrating our notebook, desktop and enterprise drives.”

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Business Outlook

While visibility has improved throughout the calendar year, the ongoing uncertainty in global economic conditions makes it difficult to predict product demand and other related matters, which makes it more likely that Seagate’s actual results could differ materially from current expectations.

For the December quarter, the company is planning for the overall industry demand for disk drives to be 153 - 160 million units. As a result, the company expects revenue to be approximately $2.75 - $2.85 billion and gross margin as a percent of revenue to be near the high end of the company’s targeted range of 22-26%. In today’s financial results conference call, the company will also provide an update on current and expected business conditions, including key underlying assumptions, for its financial outlook for fiscal year 2010.

The December quarter outlook does not include the impact of any potential new restructuring activities, future mergers, acquisitions, financing, dispositions or other business combinations the company may undertake. The company’s policy is to refrain from commenting on any such activities.

Additional information relating to the financial results for the fiscal first quarter of 2010 can be found online at seagate.com.

Conference Call

Seagate will hold a conference call to review the fiscal first quarter results at 2:00 p.m. Pacific Time today. The conference call can be accessed online at seagate.com or by phone as follows:

USA: (800) 591-6945

International: (617) 614-4911

Participant Passcode: 40885241

Replay

A replay will be available beginning today at 6:00 p.m. Pacific Time. The replay can be accessed from seagate.com .

About Seagate

Seagate is the world leader in hard disk drives and storage solutions. Learn more at seagate.com.

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Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements include, but are not limited to, statements related to the Company’s future operating and financial performance in the December 2009 quarter, and thereafter, and include statements regarding expected revenue, gross margin,  product competition, customer demand for disk drives and general market conditions. These forward-looking statements are based on information available to Seagate as of the date of this press release. Current expectations, forecasts and assumptions involve a number of risks, uncertainties, and other factors that could cause actual results to differ materially from those anticipated by these forward-looking statements. Such risks, uncertainties, and other factors may be beyond the Company’s control. In particular, the decline in global economic conditions continues to pose a risk to the Company’s operating and financial performance as consumers and businesses have, and may continue to, defer purchases in response to tighter credit and negative financial conditions. Such risks and uncertainties also include the impact of the variable demand, particularly in view of current business and economic conditions; dependence on Seagate’s ability to successfully qualify, manufacture and sell its disk drive products in increasing volumes on a cost-effective basis and with acceptable quality, particularly the new disk drive products with lower cost structures; the impact of competitive product announcements; and the Company’s ability to achieve projected cost savings. Information concerning risks, uncertainties and other factors that could cause results to differ materially from those projected in the forward-looking statements is contained in the Company’s Annual Report on Form 10-K as filed with the U.S. Securities and Exchange Commission on August 19, 2009,  which statements are incorporated into this press release by reference. These forward-looking statements should not be relied upon as representing the Company’s views as of any subsequent date and Seagate undertakes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made.

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SEAGATE TECHNOLOGY

CONDENSED CONSOLIDATED BALANCE SHEETS

(In millions)

(Unaudited)

(a)         As adjusted due to changes to the accounting for convertible debt instruments implemented in the first quarter of fiscal year 2010.

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SEAGATE TECHNOLOGY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)

(a)   As adjusted due to changes to the accounting for convertible debt instruments implemented in the first quarter of fiscal year 2010.

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SEAGATE TECHNOLOGY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

(a)         As adjusted due to changes to the accounting for convertible debt instruments implemented in the first quarter of fiscal year 2010.

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