Transocean Files 8K - Material Impairments

Transocean Ltd. (RIG) filed a Form 8K - Material Impairments - with the U.S Securities and Exchange Commission on December 18, 2014.

On December 18, 2014, Transocean Ltd. (the "Company") announced that it intends to scrap the following seven lower-specification deepwater and midwater floaters: Sedco 710, Sovereign Explorer, Sedco 700, Sedco 601, J.W. McLean, GSF Arctic I and Falcon 100. These rigs are classified as held for sale. As a result of the Company's decision to scrap these seven rigs, on December 18, 2014, the Company concluded that it expects its fourth quarter 2014 results to include an estimated non-cash charge of $100 million to $140 million, net of taxes. As the Company continues to evaluate the long-term competitiveness of its fleet, additional rigs may be identified as candidates for scrapping.

A copy of the press release regarding the announcement is filed as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.

The full text of this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1451505/000145150514000166/fsr-rigdec2014.htm

Any exhibits and associated documents for this SEC filing can be retrieved at: http://www.sec.gov/Archives/edgar/data/1451505/000145150514000166/0001451505-14-000166-index.htm

Public companies must file a Form 8-K, or current report, with the SEC generally within four days of any event that could materially affect a company's financial position or the value of its shares.

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