EXHIBIT 99.1

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TRANSOCEAN LTD. REPORTS FOURTH QUARTER AND

FULL YEAR 2015 RESULTS

 

·

Revenues were $1.85 billion, up from $1.61 billion in the third quarter of 2015;

·

Operating and maintenance expenses were $794 million, down from $880 million in the prior period;

·

Adjusted net income was $615 million, $1.68 per diluted share, excluding $4 million of net unfavorable items. This compares with $316 million, $0.87 per diluted share, in the third quarter of 2015, excluding $5 million of net favorable items;

·

Net income attributable to controlling interests was $611 million, $1.66 per diluted share, compared with $321 million, $0.88 per diluted share, in the prior quarter;

·

The Annual Effective Tax Rate(1) was 13.1 percent, compared with 7.5 percent in the third quarter of 2015;

·

Cash flows from operating activities were $960 million, up sequentially from $648 million;

·

Revenue efficiency(2) was 95.9 percent, up from 95.0 percent in the third quarter of 2015;

·

Rig utilization(3) was 60 percent, compared with 70 percent in the prior quarter; and

·

Contract backlog was $15.5 billion as of the February 11, 2016, Fleet Status Report.

 

ZUG, SWITZERLAND—February 24, 2016—Transocean Ltd. (NYSE: RIG) (SIX: RIGN) today reported net income attributable to controlling interest of $611 million, $1.66 per diluted share, for the three months ended December 31, 2015.  Fourth quarter 2015 results included net unfavorable items of $4 million, $0.02 per diluted share, as follows:

 

·

$29 million, $0.08 per diluted share, related to loss on impairment of the GSF Grand Banks and Deepwater Navigator, which the company has classified as held for sale;

·

$22 million, $0.06 per diluted share, related to restructuring costs; and

·

$1 million in discontinued operations.

 

These net unfavorable items were partially offset by:

 

·

$27 million, $0.07 per diluted share, in favorable discrete tax benefits; and

·

$21 million, $0.05 per diluted share, in net gains on early debt retirements and asset disposals.

 

After consideration of these net unfavorable items, fourth quarter 2015 adjusted net income was $615 million, or $1.68 per diluted share.

For the three months ended December 31, 2014, the company reported a net loss attributable to controlling interest of $739 million, or $2.04 per diluted share.  Fourth quarter 2014 included net unfavorable items of $1.08 billion, $2.99 per diluted share, mainly associated with the impairment of goodwill.  Excluding the net unfavorable items, adjusted net income was $344 million, or $0.95 per diluted share.

 

Total revenues for the three months ended December 31, 2015, increased $243 million sequentially to $1.85 billion.  Other revenues increased $356 million due to early contract terminations on the Polar Pioneer,  Discoverer Americas,  


The following information was filed by Transocean Ltd. (RIG) on Wednesday, February 24, 2016 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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