SPAREBANK1ENERGY CONFERENCESPAREBANK1ENERGY CONFERENCE

Jeremy Thigpen, President and Chief Executive OfficerFebruary 26, 2020

LEGAL DISCLAIMERForward‐Looking Statements

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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements contain words such as "possible," "intend," "will," "if," "expect," or other similar expressions. Forward‐looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward‐looking statements. Factors that could cause actual results to differ materially include, but are not limited to, estimated duration of customer contracts, contract dayrate amounts, future contract commencement dates and locations, planned shipyard projects and other out‐of‐service time, sales of drilling units, timing of the company’s newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future prices of oil and gas, the intention to scrap certain drilling rigs, the success of our business following the acquisitions of Songa Offshore SE and Ocean Rig UDW Inc., and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10‐K for the year ended December 31, 2019, 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 the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward‐looking statements. 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 to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be required by law. All non‐GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company’s website at: www.deepwater.com. 

This presentation, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act (“FinSA”). Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

2

OUR LEADERSHIP POSITION

Unmatched UDW & HE Experience

$10.2 Billion in Backlog**

47 Floaters* – 94% UDW & HE

Liquidity of $3.1B

3

* Includes 2 newbuilds under construction and the Transocean Norge (33% JV ownership interest)** As of February 14, 2020

FLEET TRANSFORMATION

4

DIVEST

4

ACQUIRE UPGRADE

FLEET RATIONALIZATION

5

15 Ultra‐Deepwater

38 Deepwater /Midwater

15 Jackups

68 Divestitures* Since 2014

* Reflects the retirement of the Discoverer Deep Seas, Discoverer Spirit, and Discoverer Enterprise

VALUE-ADDED ACQUISITIONS

6

Songa Offshore(5 HE Semis*)

Ocean Rig(8 UDW Drillships*, and

1 HE Semis)

Transocean Norge(1 HE Semi)

* Reflects the retirement of the Songa Delta announced on 9/4/18 and the Songa Trym announced on 7/23/18 and Ocean Rig Paros on 2/8/19 and Ocean Rig Eirik Raude on 2/18/19

DP Class 3

Annular BOPAcoustic Backup 

Controls

MPD‐Ready

STRATEGIC UPGRADES

7

Discoverer India Transocean Enabler

Automated Drilling Control

3 Remaining Cat‐D Rigs + Spitsbergen + Norge Scheduled for 

ADC Upgrade  

Drilling Capabilities Drilling Efficiency

Transocean Spitsbergen

Reduced Emissions

Patented Hybrid Power System

FLEET TRANSFORMATION TO UDW AND HE FLOATERS

8

41

15

34~45%UDW & HE

3

44

~94%UDW & HE

UDW & HE Floaters

Mid / Deep Water

HS Jackups

* Includes rigs under construction and the Transocean Norge (33% JV ownership interest); reflects the retirement of the Discoverer Deep Seas, Discoverer Spirit, and Discoverer Enterprise

January 2014 January 2020*Average Age Floaters – ~21 years Average Age Floaters – ~11 years 

(UDW – ~8 years)

LARGEST AND MOST CAPABLE FLOATER FLEET

9

0

10

20

30

40

50

RIG* SDRL** Valaris Diamond Noble Maersk PACD ODL

3 25

1 1

2

12

28

19

23

10

117 7

11

14

8

5

Harsh Environment Floaters

Harsh Environment Under Construction

Ultra‐Deepwater Floaters

Ultra‐Deepwater Under Construction

Deepwater & Midwater Floaters

12

16

28 27

* Includes the Transocean Norge (33% JV ownership interest); also reflects the retirement of the Discoverer Deep Seas, Discoverer Spirit, and Discoverer Enterprise** Includes Seadrill Limited and Seadrill Partners

Source: Company filings

# of Floaters

8

8 7 7

47

AUTOMATED DRILLING SYSTEM: SAFER AND FASTER

10

aShear –WELL CONTROL SYSTEM

11

Retrofittable to any BOP Depth agnostic Ultimate reliability

Shear Anything Instantaneously Above the Drill Bit

aShear* is the Airbag for the Oil and Gas Industry* Is a combination of two technologies, 1) the KBOS shear unit under development by Kinetic Pressure Control, and 2) the Transocean patented ZedSafety subsea pumping unit.

INDUSTRY FIRST – HYBRID POWER

12

Currently Installed on the Transocean Spitsbergen

Provides Ability to Run Rig Thrusters off Battery Power

Reduces Fuel Consumption & Emissions

TRANSOCEAN’S INDUSTRY-LEADING BACKLOG

13

1.61.3

0.9 0.9 0.9

1.7

1.0

0.8

0.70.4 0.0

0.0

0.5

1.0

1.5

2.0

2.5

3.0

2020 2021 2022 2023 2024 2025‐28

Harsh Environment

Ultra‐Deepwater***

$2.6

USD

 Billions

*As of February 14, 2020**Contracted operating dayrate multiplied by the contract duration for future periods as of latest company filings*** Ultra-Deepwater includes less than $50M of Midwater backlog

Estimated $10.2 Billion* Contract Backlog **Estimated $10.2 Billion* Contract Backlog **

94% with Investment Grade Companies

$2.1

$1.6

$1.3

$0.9

$1.7

BACKLOG ~4x NEAREST COMPETITOR

14

USD

 Billions

Source:  Latest company filings* Includes Seadrill Limited and Seadrill Partners

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

$12.0

RIG SDRL* Maersk VAL DO NE ODL PACDQ

BACKLOG CONVERTED TO CASH

15

40%

50%

60%

70%

80%

90%

100%

2016 2017 2018 2019

REVENUE EFFICIENCYFour‐year Average ‐ 96% 

10%

15%

20%

25%

30%

35%

40%

45%

50%

0

600

1,200

1,800

2,400

3,000

3,600

4,200

4,800

5,400

6,000

6,600

7,200

2016 2017 2018 2019

REVENUE & EBITDAAdjusted 

Adj Revenue Adj EBITDA Adj EBITDA Margin

USD

 Millions

PRESERVING EBITDA MARGINS THROUGH THE CYCLE

16

44%

46%

44% 38%

30%

50%46%

36%

18%

15%

0%

10%

20%

30%

40%

50%

60%

0

500

1,000

1,500

2,000

2,500

3,000

3,500

2015 2016 2017 2018 2019

Transocean Adj. EBITDA Avg. Peers* Adj. EBITDA

Transocean Adj. EBITDA Margin Avg. Peers Adj. EBITDA Margin

USD

 Billions

*Peers include DO, VAL, & NESource: Bloomberg

EBITDA Margins

SOLID LIQUIDITY

17

USD

 Billions

• Acquired• Ocean Rig• Songa Offshore• 33% JV interest in Transocean Norge

• Placed in service• Transocean Norge• Deepwater Poseidon • Deepwater Pontus  

• Sold jackup fleet• Added ~$320M in cash• Removed ~$1B in shipyard 

obligations

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Cash & Short‐term Investmentsat 12/31/19  (1)

Revolving CreditFacility

Operating CashFlows through

2021

CapEx /Investments

through 2021 (2)

Debt Due through2021

ProjectedLiquidity @12/31/21 (3)

~$1.2B ‐$1.4B

Accomplishments since 2017Accomplishments since 2017

(1) Excludes Restricted Cash(2) Includes approximately $30M investment in the Transocean Norge joint venture. (3) Excludes an additional $200M of revolving credit facility permitted as part of the facility’s $500M accordion feature. 

~$0.8B‐$1.0B

~$1.8B

~$1.3B

~$0.8B‐$1.0B ~$1.9B

~$1.2B

Estimated  ~$400M secured financing capacity on the Deepwater Titan

13 23 40 45 16 25 35 33 43 86 65 93 48 70 43 38 17 14 20 8 10 10 8

33%

55%

96%106%

37%56%

78%70%

90%

179%

133%

188%

98%

137%

82%71%

33% 26%35%

14% 18% 16% 13%

0%

20%

40%

60%

80%

100%

120%

140%

160%

180%

200%

0

10

20

30

40

50

60

70

80

90

100

BBL Discovered Discovery Replacement Ratio %

18

Discov

ered

 Barrels (Billions)

Discov

ered

 Barrels / P

rodu

ction

Liquids only. Replacement Ratio calculated as oil discovered divided by annual oil productionSource: Rystad Energy, Clarksons Platou Securities, 2020

OFFSHORE EXPLORATION MUST INCREASE

18

OFFSHORE BREAKEVENS ARE DECREASING*

64

5246

43

34

0

10

20

30

40

50

60

70

2016 2017 2018 2019 2020E

USD

/bbl

bre

akev

en

19

Source: Rystad Energy, Clarkson Platou Securities AS, Arctic Securities*Average breakevens of discovered but undeveloped offshore resources weighted by project size

Breakevens decreased by ~50%

19

20

Estimated 2020 Break-Even Prices by Segment

ULTRA DEEPWATER WEIGHTED AVERAGE BREAKEVEN BEATS SHALE

Shale

Ultra Deepwater

Source: Arctic Securities. 

THE GREAT SHALE FAIL

21

Shale Peer Group Free Cash Flow Shale Production Growth Is Unsustainable

Source: Rystad Energy, Clarksons Platou 

Free

Cas

h Fl

ow U

SD M

illion

s

SHALE GROWTH PEAKED IN 2018 – EXPECT RAPID SLOWDOWN

22

Uncon

ventiona

l liquids produ

ction YO

Y grow

th (kb/d) 

Year Over Year Growth by Shale Play in kb/d

Source: Goldman Sachs Global Investment Research. 

FOCUS TURNING BACK OFFSHORE

$103

$122$128

$58

$138

$63

0

20

40

60

80

100

120

140

160

Offshore Onshore

Estimated Project Sanctioning Next 2 Years

2019 2020 2021

23

Billio

ns U

SD

Source: Rystad Energy. 

FLOATER DEMAND BY MAJOR E&P

24

Contract Yea

rs

Source: Rystad Energy, RigCube

24

FLOATER OPPORTUNITIES – START DATE NEXT 18 MO.

# Number of programs

<6 months

6-12 months

>3 years

1-3 years

1

Source: IHS Markit 2020: Open Floater demand incl. pre-tender, tender + Transocean Marketing

3

4

1

1

1

2

3

6 5

1

8

7

1

6

11

2

37

4

59 rig years to be awarded86 programs

UDWOther

Harsh

2

1

2

1 1

1

1 1 21

5

0

25

50

75

100

Rig Years # Programs

Trailing 15 Months

Q4 '18 Q1 '19 Q2 '19 Q3 '19 Q4 '19

25

GLOBAL FLOATER MARKETABLE SUPPLY

26

Industry has retired 132 floaters, including 53 of Transocean’s, since the start of downturn;

An additional ~45 global floaters are likely unmarketable

# of Floaters

Source: Fearnley Securities; Transocean* Includes current and future contracted rigs

(Estimated Reactivation Costs: $5M to $50M)

(Estimated Reactivation Costs: $25M to $100M+)

160 153140 139

159 167 171 178 186 194 204

235253 257

222

163

130 127 134145

161

0

50

100

150

200

250

300

27

ACTIVE FLOATER FORECAST

Source: RigLogix, Clarkson Platou. 

00.10.20.30.40.50.60.70.80.91

05

101520253035404550

Dec. 2018 Dec. 2019

AvailableContractedMarketed Utilization

89%

28

69%

# O

f Flo

ater

s

High-Spec 6th / 7th Gen Availability UDW Dayrates on Historical Utilization

INCREASING UTILIZATION LEADS TO HIGHER DAYRATES

Source: IHS, Clarkson Platou. 

6/7TH GEN. DRILLSHIP FIXTURE PROGRESSION

29

100

125

150

175

200

225

250

275

300

Day

rate

(Tho

usan

ds)

Jan 19 Apr 19Feb 19 Mar 19 May 19 Jun 19 Jul 19 Aug 19 Sep 19 Oct 19 Nov 19 Dec 19 Jan 20

Woodside Myanmar: $250k/dDhirubhai Deepwater KG2

Noble Colombia: $210k/d + $30k/d MPD

Maersk Valiant

Chevron USGOM: $185k/dValaris Relentless (DS-18)

Murphy USGOM: $185k/dValaris Renaissance (DS-15)

Beacon USGOM: $220k/dDeepwater Asgard

Talos USGOM: $210k/dDiscoverer Inspiration

Eni Oman: $190k/dPacific Bora

Fieldwood USGOM: $185k/dValaris DS-16

Eni USGOM: $185k/dValaris Renaissance (DS-15)

2019 Avg Rate: $195K*

Murphy USGOM: $165k/dDeepwater Asgard

Petronas Mexico: $155k/dValaris Renaissance

Exxon Guyana: $150k/dNoble Tom Madden

Chevron Australia: $260k/dDhirubhai Deepwater KG2

Tullow Guyana: $145k/dStena Forth

Burullus Egypt: $150k/dValaris DS-7

Equinor USGOM: $175k/dPacific Khamsin

Noble EG: $168k/dMaersk Voyager

Repsol Mexico: $195k/dMaersk Valiant

Exxon Guyana: $185k/dNoble Don Taylor

Petronas Brunei: $155k/dSeadrill West Carina

Burullus Egypt: $135k/dDiscoverer India

Total Angola: $185k/dSeadrill West Gemini

Petronas Gabon: $183k/dSeadrill West Polaris

Reliance India: $197k/dSeadrill West Polaris

Enven USGOM: $175k/dValaris Relentless (DS-18)

Murphy USGOM: $185k/dDeepwater Asgard

Sonangol Angola: $160k/dDeepwater Orion

Eni Cyprus: $174k/dVantage Tungsten Explorer

Springfield Ghana: $175k/dStena Forth

LLOG USGOM: $202k/dSeadrill West Neptune

Sonangol Angola: $202k/dSonangol Libongos

Posco Myanmar: $214k/d Maersk Viking

Total Angola: $193k/d Maersk Voyager

PTTEP Malaysia: $230k/dSeadrill West Carina

Source: Rystad RigCube, Rystad Offshore Rig Report January 2020, Transocean Marketing

New Mutual Contracts, Excludes BrazilCompetitor Transocean

OUR LEADERSHIP POSITION

Unmatched UDW & HE Experience

$10.2 Billion in Backlog**

47 Floaters* – 94% UDW & HE

Liquidity of $3.1B

30

* Includes 2 newbuilds under construction and the Transocean Norge (33% JV ownership interest)** As of February 14, 2020

SPAREBANK1ENERGY CONFERENCESPAREBANK1ENERGY CONFERENCE

Jeremy Thigpen, President and Chief Executive OfficerFebruary 26, 2020