Transocean Ltd. held its annual general meeting on May 17, 2013. In the meeting, shareholders of the company approved proposal regarding the repeal of the company's staggered board by amendment to Article 23 of the company's Articles of Association.

Transocean Ltd. announced dividend at the 2013 Annual General Meeting (AGM) supported the Board's dividend proposal of $2.24 per share out of additional paid-in capital, soundly rejecting the Icahn Group's proposal for an annual dividend of $4.00 per share. The Board expects that the approved dividend will be payable in four quarterly installments set for June 2013, September 2013, December 2013 and March 2014. Shareholders also elected company's five Director nominees, including Frederico F. Curado, Steven L. Newman, and J. Michael Talbert, who had previously announced his intention to retire from the company's Board of Directors, was not re-elected. One nominee proposed by the Icahn Group, Samuel Merksamer, was elected. There are now fourteen directors on Transocean's Board.

Transocean Ltd. announced that J. Michael Talbert has advised the Board of Directors that, if re-elected at the company's upcoming Annual General Meeting on May 17, he will retire from the Board no later than the company's 2014 AGM. To facilitate an orderly transition of leadership, should Mr. Talbert be elected by the Board as Chairman following the upcoming AGM, he will step down as Chairman no later than the Board's November 2013 meeting, at which time a new, independent Chairman will be announced. Mr. Talbert, formerly CEO of Transocean from 1994 to 2002, has served on the Board of Directors since 1994.