Transocean’sPresentation:  AgreementoAcquireSonga Offshore August 15, 2017

LegaDl isclaimer Thestatementsdescribedinthispresentati onthaat renoht istoricaflactsareforwar d-lookingstatements withinthemeaningo f Section27AotfheSecurities Acot1f 933a,samendeda, nd Section21EotfheSecuritiesExchangeAcot1f 934a,samended. Thesestatementscontainwords suchas"possible,"intend,"w ill,"if,"expect,"oor thesrimilaer xpressionsF.orward-lookingstatementsarebasedonmanagement’s currenet xpectationsandassumptionsa,nd aresubjectoinherenut ncertainties,  ri sksandchangesincircumstances thaat redifficultopredict.  Asaresulta,ctuarlesultscoul diffemr ateriallyfromthoseindicatedinthes eforward-lookingstatem entsF.  actorsthactoul dcauseactuarlesultstodiffemr ateriallyincludeb,  uatrenoltimited edshipyardprojectsandotheor ut-of-servicetimes,alesof operationsa,ctionsbycustomersandothetrhirdpartiest,hefuture e proposedacquisitionoSf ongaOffshoreSE(the“Transaction”), toe, stimateddurationocfustomecrontractsc,ontracdt ayrat drillingunitst,imingotfhecompany’snewbuil deliverieso, p pricesoof ialndgast,heintentiontoscrapcertaindrillingri includingthetimingr,eceipat ndtermsandconditionsoafnyrequ abandontheTransactiont;heoccurrenceoafnyeventc,hangeor eamountsf,uturecontracctommencemendt atesandlocationsp,  lann eratinghazardsanddelaysr,isks associatedwithinternational gst,h expectedtimingandlikelihoodotfhecompletionotfh iredgovernmentaalndregulatoryapprovalsotfheTransaction thactouldreduceanticipatedbe nefitsocrausethepartiesto othecrircumstancesthactouldgi verisetotheterminationof thetransactionagreemen ftotrheTransactionr;egulatoryoor ther limitationsimposedasaresulottfheTr businessest;hepossibilitythat tenderedinthepublicexchange ansactiont;hesuccessotfhe businessfollowingcompletionotfheTransactiont;heab ilitytosuccessfullyintegrat etheTransoceanandSonga Transocean’ shareholdersmaynoatpprovecertai offert;heriskthathepartiesmaynobt eable nmattersthaat recondit ionstotheTransacti onotrhatherequisitenumbeorSf ongasharesmaynobt e tosatisfytheconditionstoclosingotfheTr ansactioninatimelymanneorarat llr;isksrelatedtodisruptionof ansactioncouldhaveadvers effectsonthemarkept riceof managementimefromongoingbusinessoperationsduetotheTransa Transocean’soSr onga’  sharesotrheabilityoTf ransoceanor ctiont;heriskthatheannouncemenotcrompletionotfheTr Songatoretaincustomersr,etainohr irekeypersonnelm,  aintai n relationshipswiththeirespecti vesuppliersandcustomersa,nd ontheior peratingresultsandbusinessesgene expectedtoachievethosesynergiesa;  ndot 2016a,ndinthecompany'sothefrilingswi rallyt;heriskthaTt ransoceanmaybe hefractorsi,ncludingthoseandotherisk ththeSECw,  hichareavailablefreeocfh unabletoachiev expectedsynergiesfrom sdiscussedinthecompany'smosrtecent argeontheSEC'swebsiteawt:ww.sec.gov theTransactionotrhaitmt aytakelongeorbr emorecostlythan AnnuaRl eporot nForm10-Kfotrheyeaer ndedDecembe3r 1, a,ndinSonga’sannuaalndquarterlyfinanciarleportsmade recta,ctuarlesultsmayvarymateriallyfromthoseindicatedA.  ll publiclyavailable.  Shouldoneomr oreotfheserisksour ncerta intiesmaterializeo,srhouldunderlyingassumptionsproveincor subsequenwt rittenandoraflorward-looking statementsattributabletothecompanyotropersonsactingonoubr ehalaf r expre sslyqualifiedintheier ntirety byreferencetotheserisksand uncertaintiesY.  oushouldnopt laceunduerelianceonforward-look ingstatementsE.  achforward-l ookingstatemenst peaksonlyas ancesthaot ccuro,wr hich otfhedateotfheparticulasrtatementa,  ndweundertakeno webecomeawareofa,ftetrhedatehereofe,  xcepat sotherwise antitativeschedulesonthecompany’swebsiteat:  obligationtopubliclyupdateorevisean yforward-lookingstatements toreflecet ventsocrircumst mayberequiredbylawA.  lnl on-GAAPfinanciaml easurereconcilia www.deepwater.com. tionstothemosctomparativeGAAPmeasurearedisplayedinqu AdditionaIlnformation andWheretoFindIt InconnectionwiththeTransactionT,ransoceanwilflilewithth TransoceanI,nc(.“TINC”)w, ilflileaRegistrationStatemenot nFo eU.SS.  ecuritiesandExchangeCommission(the“SEC”ap)  roxy st atemen(tthe“ProxyStatement”a)  ndTransoceanand rmS-4(the“RegistrationStat ement”c)ontainingaprospectu s withrespectothesharesan dbondstobeissuedinthe Transactionandtherelatedexchangeoffers mattersinconnectionwiththeTransactionan  (the“Prospectus”)W. henavai lableT,  ransoceanwilml ail theProxyStatementoits shareholdersinconnectionwiththevotetoapprovecertain tatesinconnectionwiththeTransactionandrelatedexchangeoffers pervisoryAuthorityoNf orway(the“NorwegianFSA”). dwildl istributetheProspectustocertai nSongasecurityholdersintheUnitedS contemplatedbythetransactionag reementT.  ransoceanandTINCare alsoexpectedtofileanoffe dr ocumenwt iththeFinancial Su 2

LegaDl isclaime(rcontinued) INVESTORSANDSECURITYHOLDERSAREURGEDTO READCAREFULLYTHEDEFINITIVEPROXYSTATEM ENTAND/ORPROSPECTUSREGARDINGTHETRANSA CTIONIN ITS/THEIRENTIRETYWHENTHEY DEFINITIVEPROXYSTATEMENTOR BECOMEAVAILABLE(INCLUDINGANYAMENDMENTSORSUPPLEMENTSTHERET OO) RANYDOCUMENTSWHICHAREIN CORPORATEDBYREFERENCEINTHE PROSPECTUSB, ECAUSETHEYWILLCONTAINIMPORTANTINFORMATIONABOU THETRANSACTIONY. oumayobtainf,reeocfhargec,opiesotfh e definitiveProxyStatementP, rospectusand RegistrationStatementw, henavai lablea,ndotherelevandt ocume ntsfiledbyTransoceanwithth eSECa,theSEC’swebsiteat www.sec.govI.nadditionT,ransoce an’shareholdersmayobtain freecopiesotfheProxyStatemenat ndProspe ctusandotherelevandt ocu mentsfiledbyTransoceanandTINCwiththeSECfrom Tr ansocean’swebsiteaht ttp://www.deepwater.com. Thiscommunicationdoesnoctonstituteanoffetrobuyoer xchan whichsuchoffers,aleoer xchangewouldbeunlawfupl riotro geo,trhesolicitationoafnoffetroseloler xchangea, nyse registrationoqr ualificationundetrhesecuritieslawsoafnysu curitiesn, osrhaltlherebeanysaleosfecuritiesinanyjurisdictionin chjurisdictionT.hiscommunicationisnoatsubstitutefoarny tionT. hefinatlermsandfurthepr rovisionsregardingthepublic prospectusp, roxystatemenotarnyothedr ocu offewr ilbl edisclosedintheoffedr ocument menthaTt ransoceanandTINCmayfilewiththeSECinconnectionwiththeTransac aftetrhepublicationhasbeenapproved bytheNorwegianFSAandindocumentstha ioncontainedhereinw, ilnl obt e wt ilbl efiledbyTransoceanand accepted. TINCwiththeSECN. omoney, securitiesoor thecronsiderationisbeingsoliciteda,ndi,f senitnresponsetotheinformat Noofferingosfecuritie shalbl emad ex cepbt ymeansoafprospectusmeetingthere quirementsotfheU.S. SecuritiesAcot f 1933a,samendeda,ndanyapplicableEuropeanandNorwegian regulationsT.hetransactionanddistributionotfhisdocumenmt hereincomshouldinformthemselvesabouatndobserveanysuchre ayberestrictedbylawincert ainjurisdictionsandpersonsin towhosepossessionanydocumenot r otheirnformationreferredto strictionsA. nyfailuretocomplywiththeserestrictionsmay constituteaviolationotfhesecuritieslawsoafnysuch jurisdictionN. oofferingosfecu ritieswilbl emadedirectlyoirndirectlyi,noirntoanyjurisdictionwheretodosowould be inconsistenwt iththelawsosfuchjurisdiction. ParticipantsintheSolicitation EachoTf ransoceanT, INCS, ongandtheire proxiesfromTransoceans’hareholderswith theidentityotfhesepotentiapl articipants ProspectuswhentheyarefiledwiththeSE spectivedirectorsandexecutiveofficers andothemr embersomf anagemenat ndemplo yeesm, aybedeemedtobepartic acceptancesfotrheOfferM. ore ipantsinthesolicitationof detailedinformationregarding respectotheapprovalsrequ a,ndanydirecotirndirecitntereststhey iredtocompletetheTransactionandthesolicitation of mayhaveintheTransactionb, ysecurit y holdingsoor therwisew, ilbl eseftorthintheProxyStatemenat nd thedefinitiveproxystatemenot nSchedule14Afiledby 17A. dditionailnformationregardingtheinterestsof CI.nformationregardingTransocean’sdirect orsandexecutiveofficersi seftorth in TransoceanwiththeSEConMarch162, 017andintheAnnuaRl epo participantsinthesolicitationopf roxiesinrespecottfhe rot nForm10-KfiledbyTransoceanwiththeSEConMarch72, 0 extraordinarygeneraml eetingan dtheOffewr ilbl eincludedin th eProxyStatementobefiledwi ththeSECT. hesedocumentsare availabletoTransocean’ shareholdersfr eeocfhargefromtheSEC’swebsiteawt ww.se c.govandfromtheinvestorrelationsec tionoTf ransocean’swebsiteawt ww.deepwater.com. 3

TransactionBenefits  StrengthensTransocean’spositionastheundisputedleadeirnharsh environmenatndultra-deepwatedr rilling  Addsfoucrontractedh, igh-specification harshenvironment semisubmersiblestothefleet IncreasesTransocean’sindustryleadingbacklogby~$4.1billion into 2024    StrengthensTransocean’srelationshipwithStatoilas, trategic customeri,nadesirablemarket Providescosatndoperationaslynergies o~f $40millionannually    ExpectedtobeaccretiveonkeymetricsincludingE:BITDAO, perating CashFlowa,ndNeDt ebE/tBITDA 4

High-SpecificationHarshEnvironment Semisubmersibles* Contracted *Songa’srigsareinitiallycontractedfo8ryear termswithStatoild; ayratesrangefrom$444K-$490K 5

StrengthensTransocean’sFleet 60 55 HarshEnvironmenFtloaters HarshEnvironmenUt ndeCr onstruction Ultra-DeepwateFrloaters Ultra-DeepwateUr ndeCr onstruction Deepwate&rMidwateFrloaters 50 48 11 7 40 33 30 30 8 1 26 30 18 20 18 14 14 19 11 4 10 7 4 3 7 4 7 13 14 4 4 3 5 10 7 7 5 0 1 RIG/ SONG RIG SDRL ESV/ ATW DO NE ORIG SONG PACD RDC SourceF:leeSt tatusReports 6 # oFfloaters

TransoceanFleeTt ransformation UDW&HEFloaters UDW&HEFloaters 34 45 HS Jackups DW& MW OtheRr igs 49 OtheFrloaters ~10 DW&MW * Includesrigscurrentlyundecronstruction 7

~40%IncreasetoTransocean’sIndustry-Leading Backlog 3.0 Ove9r 0%withInvestmenGt radeCompanies $2.7 2.5 $2.3 SongaOffshore $2.0 2.0 Transocean $1.7 $1.6 $1.6 1.5 $1.3 $1.1 1.0 0.5 0.0 Remaining 2017 2018 2019 2020 2021 2022 2023 2024-28 * Contractedoperatingdayratemultipli edbythecontracdt urationfofrutu reperiodsasof latespt ublic gt operatetwojackupsinThailand. backlog. Alsoincludesagreemenwt ithBorDr rillin 8 US$billions ProForma$14.3BillionContracBt acklogoCf ombinedCompany*

TransactionSummary •$660millionestimated– IssueTransoceanIncc.onvertiblebond acceptances meetingapproval *Excludesexistingcontracbt acklog **Estimates, ubjectomixoffinaclonsideration 9 Proposed Transaction Transoceantoexchangealol utstandingsharesoSf ongaOffshorewith50%RIG equity5, 0%convertiblebondw; ithcappedcashoptioncomponent Consideration Summary •Totaclonsiderationo~f $3.4billion: •$1.7billion– AssumeSongaOffshore’snedt ebt •$540millionestimated – IssueTransoceanLtde. quity •$480millionestimated– Transocean cashcontribution Pre-acceptances •76.6%oSf ongaOffshoreshareholdershavexecutedirrevocablepre-ProForma Ownership** •~76% Transoceanshareholders •~24%SongaOffshoreshareholdersandbondholders Board Representation •FrederikWilhelmMohn SelecCt losing Conditions •90%SongaOffshoreshareholdearpprov alT; ransoceanextraordinarygeneral •Customary closingconditionsi,ncludingregulatoryapprovals Timeline •Targetedclosing– Q42017

VoluntaryOffer– KeyTerms Ltda.nd50%convertiblebondsissuedbyTransocean withacappedcashoptioncomponendt escribedbelow 10 SongaOffshore Shareholders– Consideration • Combinationo5f 0%newlyissuedsharesoTf ransocean Ince. xchangeableintonewsharesoTf ransoceanLtd.; SongaOffshore Shareholders-CappedCash Option • EachSongaOffshoreshareholdemr ayelectotendeur p to2,631SongaOffshoresharesundetrheOffefrocrash oNf OK47.50pesrharei,.eu. ptoatotaolNf OK125,000 incashpeSr ongaOffshoreshareholder

ConvertibleBond– KeyTerms issuedbyTransoceanInc. 11 Price • Apt arU, SD$660millionestimatedocfonvertibledebt Reference Price • USD$8.39pesrhare Maturity • Q42022f,iveyearsfromissuedate Coupon • 0.5%pearnnump, ayablesemi-annually Conversion Price • ConversionPricewilbl eseata2t 2.5%premiumtothe underlyingReferencePrice Status • Seniour nsecured Other • Non-callablefotrhelifeotfheinstrument

CosO/t perationSalynergies G&Acosot ptimization OEMmaintenanceagreements Supplychainl/ogisticsavings Performancefficienciets/echnologry/eatlimedecisionmaking Insurancepremiumreductions LeadingindustryUDW/HEexperience/ fleemt anagemenwt ithaproposed newHarsEhnvironmenCt enteorEfxcellenceinNorway 12

StrongLiquidity– ProFormaThrough12/31/19 4.0 1.2B 3.0 ~$1.7B* ~$2.2B 2.0 1.0 ~$0.6B-$1.0B 0.0 Casha6t /30/17, proforma OperationsCash Flowthrough 2019** CapExthrough 2019 Debt-Duethrough 2019 ProjectedLiquidity a1t 2/31/19 *ExcludesEksportfinansdebt **SourceT: ransoceanandconsensusestimates 13 US$Billions PotentiaFl utureRevolving CrediFt acilityandSecured FinancingCapacity ~$0.8B– ~$0. 7B

* 2018 NeDt ebC/t onsensusEBITDA* 30.0 25.0 20.0 15.0 10.0 5.0 0.0 DOSonga RIG/RIGRDCESVNESDRLATW Offshore Songa Offshore ProFormaSource: Bloomberg and company filings 14 ProFormaCombinedCompanyHasOneOf TheLowesLLteverageRatiosAmongPeers

* ProFormaAdjustedDebt MaturityProfileaCt losing 4.0 Offshore 3.5 $3.1 Transocean 3.0 2.5 2.0 $1.8 $1.7 1.5 3.0 1.0 0.5 0.0 2017-2019 2019 2020-2022 2023-2024 2025+ * Pro Forma adjusted debt excludes Eksportfinans debt 15 US$billions So nga RIG’s$3BRevolvinCgredit Facility(CurrentlyUndrawn) $2. 6

Conclusion Combinestwoprominenot ffshoredrillersr,esultingin: Ahigh-gradedfleeta,ddingfouhr arshenvironmenstemisubmersibles Abacklogo~f $14.3billionsupportedalmoset ntirelybyinvestmengt rade customers AstrengthenedfootprinitnharshenvironmenatreasincludingNorway, CanadaU, Ka,ndtheArctic Acontinuedstreamliningotfhecombinedfleeatndorganizationsafely deliveringmorefficiendt rillingservicest oucrustomers FurthesrolidifiesRIGastheundisputedleadeirnUDWandHE 16

Transocean’sPresentation: AgreementoAcquireSonga Offshore August 15, 2017