Transocean (RIG) 8-K Regulation FD Disclosure

Transocean Investor Presentation

August 31, 2009

Exhibit 99.1

2

Forward Looking Statement

The

statements

described

in

this

presentation

that

are

not

historical

facts

are

forward-looking

statements

within

the

meaning

of

Section

27A

of

the

Securities

Act

of

1933

and

Section

21E

of

the

Securities

Exchange

Act

of

1934.

Forward-looking

statements

which

could

be

made

include,

but

are

not

limited

to,

statements

involving

prospects

for

the

company,

expected

revenues,

capital

expenditures,

costs

and

results

of

operations,

synergies,

market

outlook,

revenue

backlog

for

the

company

and

other

drillers,

contract

opportunities

and

commitments,

operational

performance,

rig

demand,

rig

capacity,

dayrates,

rig

reactivations,

rig

upgrades,

newbuild

and

acquisition

opportunities,

uses

of

excess

cash,

fleet

marketing

efforts,

rig

mobilizations

and

planned

shipyard

programs.

Such

statements

are

subject

to

numerous

risks,

uncertainties

and

assumptions,

including

but

not

limited

to,

uncertainties

relating

to

the

level

of

activity

in

offshore

oil

and

gas

exploration

and

development,

exploration

success

by

producers,

oil

and

gas

prices,

rig

demand

and

capacity,

drilling

industry

market

conditions,

possible

delays

or

cancellation

of

drilling

contracts,

work

stoppages,

operational

or

other

downtime,

the

company's

ability

to

enter

into

and

the

terms

of

future

contracts,

the

availability

of

qualified

personnel,

labor

relations,

future

financial

results,

operating

hazards,

political

and

other

uncertainties

inherent

in

non-U.S.

operations

(including

exchange

and

currency

fluctuations),

war,

terrorism,

natural

disaster

and

cancellation

or

unavailability

of

insurance

coverage,

the

impact

of

governmental

laws

and

regulations,

the

adequacy

of

sources

of

liquidity,

the

effect

of

litigation

and

contingencies

and

other

factors

discussed

in

the

company's

most

recent

Form

10-K

for

the

year

ended

December

31,

2008

and

in

the

company's

other

filings

with

the

SEC,

which

are

available

free

of

charge

on

the

SEC's

website

at

www.sec.gov.

Should

one

or

more

of

these

risks

or

uncertainties

materialize,

or

should

underlying

assumptions

prove

incorrect,

actual

results

may

vary

materially

from

those

indicated.

All

subsequent

written

and

oral

forward-

looking

statements

attributable

to

the

company

or

to

persons

acting

on

our

behalf

are

expressly

qualified

in

their

entirety

by

reference

to

these

risks

and

uncertainties.

You

should

not

place

undue

reliance

on

forward-looking

statements.

Each

forward-looking

statement

speaks

only

as

of

the

date

of

the

particular

statement,

and

we

undertake

no

obligation

to

publicly

update

or

revise

any

forward-looking

statements.

All

non-GAAP

financial

measure

reconciliations

to

the

most

comparative

GAAP

measure

are

displayed

in

quantitative

schedules

on

the

company’s

web

site

at

www.deepwater.com.

3

Key Investment Highlights

•

Unique Contract Driller

–

World’s largest offshore drilling company

–

Diversified revenue sources

–

Substantial contract revenue backlog

•

Positioned to Outperform

–

World’s largest ultra-deepwater fleet

–

Positive outlook for ultra-deepwater

market

4

Leading Offshore Drilling Contractor

•

140 rigs

(1)

–

presence in every major offshore market

•

20,700 people

•

Unmatched operating experience

•

Outstanding technical resources

•

Unique resources in well planning and completions

•

Corporate responsibility

5

Largest Worldwide Rig Fleet

(1)

65

26

5

16

23

5

42

6

5

4

42

5

14

20

6

6

8

9

7

7

6

5

3

4

0

20

40

60

80

100

120

140

NE

ESV

DO

SDRL

PDE

Rigs Under Construction

Ultra-Deepwater Floaters

Deepwater Floaters

High Spec/Harsh Env. Floaters

Midwater Floaters

Jackups

140

60

(2)

50

46

26

(3)

25

(4)

RIG

6

RIG Floaters Emphasize Advanced Technology

RIG Has Most Dynamic Positioning Experience

(5)

8

19

8

10

3

5

2

4

2

6

4

4

6

2

4

1

5

1

3

2

1

4

1

1

3

5

3

2

4

4

4

6

2

27

0

5

10

15

20

25

30

35

40

Under Construction & Recently Delivered

Active 5th Gen

Older DP Rigs

Total 326 rig years of DP experience

Total 20 rig years of DP experience

35

13

11

8

8

6

6

6

6

5

5

5

5

4

4

4

35

7

42%

23%

26%

3%

3%

3%

High Spec

Midwater

Jackups

ADTI & CMI

Contract Intangible

Other

43%

33%

24%

Integrated

NOC

Independent

Diversified Revenue Source

First Half 2009 -

$6 billion

By Asset Class

By Customer

8

Strong Backlog Creates Visibility

(1)

4.2

8.8

7.0

5.0

8.7

0

1

2

3

4

5

6

7

8

9

10

2009

Remaining

2010

2011

2012

2013-20

(US$ Billions)

Total Contract Revenue Backlog -

$33.7 billion

(6)

9

Substantial Financial Flexibility

From

Free

Cash

Flow

Backlog

(7)

0.3

0.9

2.9

4.2

2.4

4.1

2.2

3.0

0.8

2.3

2.0

2.5

2.0

0

1

2

3

4

5

2009

Remaining

2010

2011

2012

2013

2014-2019

2020-2038

Scheduled Debt Maturities

Free Cash Flow Backlog

Total Free Cash Flow Backlog Exceeds Total Debt By $4.4 billion

(US$ Billions)

10

Near Term Market Challenges –

2009 & 2010

•

Jackups

–

20 of 65 Transocean rigs idle/stacked

(1)

–

88% of newbuilds

uncontracted

(5)

–

Lack of significant tenders

–

West Africa: weak activity and increased local content requirements

–

Growth from Middle East slowing due to OPEC cuts

–

Mexico is a potential growth market

•

Midwater

–

Significant competition for each tender

–

Clients delaying or canceling programs

–

Declining demand with sublets in UK, West Africa and Australia

•

Deepwater

–

Increased competition & sublets in the near term

–

Clients delaying programs for 2009 and 2010

–

Moored units seeing more rate softening than DP rigs

11

Positive Ultra-Deepwater Outlook

•

West Africa

–

Nigeria

•

IOC-lead consortium for +/-

28 wells

•

Pre-qualification for 1 DW + 1 UDW units with 1H2012 start and 4 year terms

–

Angola

•

Inquiry for two dynamically positioned units for 3-5 years each commencing in 2011-12

•

Tender for one dynamically positioned unit ongoing

•

Mediterranean

–

Israel: Recent gas discovery

–

Libya: IOCs

have licensed deepwater blocks

•

Black Sea

–

IOC partnership with Turkey and Romania in three deepwater blocks

–

Planned exploration drilling

•

Asia

–

Indonesia: Deepwater campaign about to commence

–

China: Ample opportunity and growth area in deepwater

•

Americas

–

Mexico:

Possible

opportunity

for

entry

of

existing

rigs

if

contracted

newbuilds

don’t

materialize

–

Eastern Canada: Discovery in Flemish Pass

•

Petrobras is significant swing factor

12

Petrobras/Brazil Update

•

Petrobras

remains bullish on Brazil

–

Increasing resource estimates for Tupi

–

Santos basin pre-salt resource potential of 50-70 BBOE

–

Pursuing available ultra-deepwater units for 2010

•

IOCs

and Independents assessing opportunities

–

Recent “first oil”

celebrations for Frade

and BC-10

–

Exploration and development campaigns currently underway

–

“Sugarloaf”

pre-salt prospect non-commercial

13

RIG Near Term UDW Availability is Limited

(1)

Nov-11

Dec-11

Mar-11

Aug-11

Oct-10

Feb-11

Jan-11

Aug-09

Oct-09

Jan-10

May-10

Aug-10

Nov-10

Feb-11

May-11

Aug-11

Nov-11

Deepwater Horizon

Sedco Energy

Discoverer Deep Seas

Discoverer Enterprise

Deepwater Frontier

Sedco Express

Deepwater Nautilus

13

14

RIG Deepwater Availability Before 2011

(1)

Jul-10

Jul-10

Oct-09

May-10

Sep-09

Jul-10

Jun-10

Aug-09

Nov-09

Feb-10

May-10

Aug-10

Nov-10

Transocean Rather

Sedco 709

Sovereign Explorer

Henry Goodrich

Discoverer 534

Transocean Richardson

Jack Bates

Contract

Shipyard

14

Nov-10

Nov-10

Jan-11

(8)

15

RIG Midwater

Availability in 2H2009

(1)

Aug-09

Aug-09

Sep-09

Nov-09

Dec-09

Dec-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

GSF Arctic II

Sedco 712

C. Kirk Rhein Jr.

Sedco 703

Actinia

GSF Arctic III

Sedco 700

Transocean John Shaw

Transocean Legend

Sedneth 701

GSF Aleutian Key

15

Stacked, rig to be sold

Stacked

Stacked

Stacked

Idle, rig to be sold

Stacked

Stacked

Stacked

Stacked

On tow, to be stacked

16

RIG’s

2009 Jackup

Exposure –

30 Rigs

(1)

Aug-09

Aug-09

Sep-09

Sep-09

Sep-09

Sep-09

Oct-09

Oct-09

Oct-09

Oct-09

Oct-09

Nov-09

Aug-09

Sep-09

Oct-09

Nov-09

Dec-09

TO Nordic

GSF Key Singapore

GSF Key Gibraltar

Trident IV

Trident VIII

GSF Adriatic V

GSF Rig 103

Interocean III

GSF Adriatic VI

GSF Adriatic I

GSF Adriatic II

GSF Galaxy II

GSF Key Manhattan

GSF Rig 127

GSF High Island V

GSF High Island IX

GSF Magellan

GSF Key Hawaii

GH Galloway

GSF Monitor

Trident VI

GSF Britannia

GSF Adriatic XI

Trident IX

GSF Rig 136

Transocean Comet

Shelf Explorer

GSF Rig 141

GSF Galaxy I

GSF Rig 124

2 Idle Rigs

18 Stacked Rigs

Idle

Idle

17

Key Investment Highlights

•

Unique Contract Driller

–

World’s largest offshore drilling company

–

Diversified revenue sources

–

Substantial contract revenue backlog

•

Positioned to Outperform

–

World’s largest ultra-deepwater fleet

–

Positive outlook for ultra-deepwater

market

18

Footnotes

(1)

Per July 1, 2009 company-issued Fleet Status Report, August 3, 2009 Fleet Update Summary and September 1, 2009 Fleet

Update

Summary.

“High-Spec”

and

“Midwater”

Floaters

classifications

are

as

described

in

the

Fleet

Status

Report.

Rig

count

is

138,

plus

5

newbuilds,

less

three

“other”

rigs

(two

drilling

barges

and

a

coring

drillship).

Rigs

Under

Construction

are

inclusive

of

rigs to be delivered subsequent to August 18, 2009.  Rig count excludes the GSF Arctic II, as it is stacked in anticipation of sale.

(2)

Excludes submersible rigs.

(3)

Excludes tender rigs.

(4)

Excludes mat jackup

rigs, subsequent to Seahawk spin-off.

(5)

Data

from

ODS-Petrodata

as

of

August

10,

2009.

Analysis

by

Transocean.

Includes

newbuilds

which

are

on

order

or

under

construction.

(6)

Calculated by multiplying the contracted operating dayrate by the firm contract period from August 3, 2009 forward. Reflects firm

commitments represented by signed contracts.  Contract backlog excludes revenues from mobilization, demobilization, contract

preparation, integrated services and customer reimbursables.  Our backlog calculation assumes that we receive the full

contractual dayrate, which could be higher than the actual dayrate that we receive because of a number of factors (rig downtime,

suspension of operations, etc.) including some factors beyond our control.  Additionally, not all of our contracted revenue may be

realized

due

to

customer

liquidity

issues

or

a

contract

that

has

been

terminated

due

to

contractual

termination

provisions. 

Contract backlog figures are unaudited.

(7)

Free

Cash

Flow

Backlog

defined

as

Revenue

Backlog,

plus

Firm

Mob

Revenue

for

contracts

not

started,

less

Operating

Expense

and Overhead, less Firm Mob costs, less Cash Taxes, less Firm Sustaining Capital Expense, less all future newbuild Capital

Expense (including capital lease commitments), and less upgrade Capital Expense.  Total face value of debt as of July 31, 2009,

including the unamortized discount on convertible debt.

(8)

Shipyards are contingent upon securing follow-on work.