Filed by Transocean Ltd. (Commission File No.

001-38373)
Pursuant to Rule 425 under the Securities Act of 1933
And Deemed Filed und Rule 14a-12 under the Securities Exchange Act of 1934
Subject Company: Ocean Rig UDW Inc. (Commission File No. 001-35298)
C lien tId :7 7 T H O M S O N R E U T E R S S T R E E T E V E N T S E D IT E D

T R A N S C R IP T R IG -T ran so cean L td .A n n o u n cesA g rem en to A cq u ireO cean R ig

E V E N T D A T E /T IM E :S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M G M T

O V E R V IE W:C o .rep o rted o n 0 9 /0 4 /1 8 th atih asen terd in to an ag rem en to acq u ireO cean

R ig .w ith th etran sactio n v alu ed atp p ro x .$ 2 .7 b .T H O M S O N R E U T E R S

S T R E E T E V E N T S |w w w .strev en ts.co m |C o n tacU s© 2 0 1 8 T h o m so n R eu ters.
A lrig h tsrev ed .R ep u b licato n o red istrb u tio n o fT h o m so n R eu tersco n ten t,in clu d in g b y

fram in g o rsim ilarm ean s,ip ro h ib ited w ith o u th ep rio rw riten co n sen to fT h o m so n R eu ters.

'T h o m so n R eu ters'an d th eT h o m so n R eu terslo g o areg isterd trad em ark so fT h o m so n R eu ters

an d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .
A n n o u n cesA g rem en to A cq u ireO cean R ig C O R P O R A T E

P A R T IC IP A N T S B rad ley A lex an d erT ran so cean L td .-V P o fIR Jerm y D .T h ig p en

T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rM ark -A n th o n y L o v elM ey T ran so cean

L td .-E x ecu tiv eV P & C F O C O N F E R E N C E C A L L P A R T IC IP A N T S

C o lin M ich aelD av iesS an fo rd C .B ern stein & C o .,L L C .,R esarch D iv iso n -S en io rA n aly st
E d u ard o B .R o y esJfriL L C ,R esarch D iv iso n -E q u ity A n aly st

E irk R ø h m esm o C lark so n sP lato u S ecu rites,In c.,R esarch D iv iso n -R esarch A n aly stIan M acP h erso n

S im m o n s& C o m p an y In tern atio n al,R esarch D iv iso n -M D & S en io rR esarch A n aly sto fO il

S erv iceJam esC arly leWestE v erco reIS In stiu tio n alE q u ites,R esarch D iv iso n -S en io rM D Jam esK n o w lto n

Wick lu n d C réd itS u iseA G ,R esarch D iv iso n -M D Ju d so n E d w in B ailey WelsF arg o S ecu rites,

L L C ,R esarch D iv iso n -M D an d S en io rE q u ity R esarch A n aly stK u rtK ev in H aled R B C

C ap italM ark ets,L L C ,R esarch D iv iso n -C o -H ead o fG lo b alE n erg y R esarch an d A n aly stM ad h av

S an w alU B S In v estm en tB an k ,R esarch D iv iso n -D irecto ran d E q u ity R esarch A n aly stV aib h av

D .V aish n av C o w en an d C o m p an y ,L L C ,R esarch D iv iso n -V P

P R E S E N T A T IO N O p erato rG o o d d ay ,an d w elco m eto th eT ran so cean acq u isto n o f

O cean R ig co n fern ceal.T o d ay 'sco n fern ceisb ein g reco rd ed .A th istm e,Iw o u ld lik eto tu rn th eco n fern ce
o v erto M r.B rad ley A lex an d er,V iceP resid en to fIn v esto rR elatio n s.P leasg o ah ead ,sir.B rad ley A lex an d er-

T ran so cean L td .-V P o fIR T h an k y o u ,R o ch el,an d w elco m e,v ery o n e,to th eT ran so cean

co n fern cealto d iscu so u rag rem en to acq u ireO cean R ig .With m eto d ay areJm y T h ig p en ,P resid en tan d

C E O ;an d M ark M ey ,E x ecu tiv eV iceP resid en tan d C F O .Weisu ed ap reslaito d ay ,w h ich isav ailb leo n

T ran so cean 'sw eb site.P leaso refto T ran so cean 'stran sactio n p resn taio n th atislo av ailb leo n o u rw eb site.Wew ilrefto th eslid es

d u rin g o u rcal.D u rin g th eco u rseo fth iscal,w em ay m ak ecrtain fo rw ard -lo o k in g staem en tsreg ard in g
v ario u sm atersld to o u rb u sin esan d co m p an iesth atren o th isto ricalfts.S u ch staem en tsareb ased u p o n th ecu ren t

ex p ectaio n san d certain asu m p tio n so fm an ag em en tan d are,th erfo re,su b jecto certain risk san d u n certain ties.M an y facto rs

co u ld cau seactu alresu ltso d iferm aterily .P leasrfto o u rS E C filn g sfo rm o rein fo rm atio n reg ard in g o u rfo rw ard -

lo o k in g staem en ts,in clu d in g th erisk san d u n certain tiesh atco u ld im p acto u rfu tu resu lts.A lso ,p leasn o teh at

th eco m p an y u n d ertak esn o d u ty to u p d ateo rev isefo rw ard -lo o k in g staem en ts.U p o n
co m p letio n o fJerm y 'sp rep ared co m m en ts,w ew ilth en tak ey o u rq u estio n s.N o w Iw iltu rn th ecalo v er

to Jerm y .2 T H O M S O N R E U T E R S S T R E E T E V E N T S |

w w w .strev en ts.co m |C o n tacU s© 2 0 1 8 T h o m so n R eu ters.A lrig h tsrev ed .R ep u b licato n o r

red istrb u tio n o fT h o m so n R eu tersco n ten t,in clu d in g b y fram in g o rsim ilarm ean s,ip ro h ib ited

w ith o u th ep rio rw riten co n sen to fT h o m so n R eu ters.'T h o m so n R eu ters'an d th e

T h o m so n R eu terslo g o areg isterd trad em ark so fT h o m so n R eu tersan d itsafled co m p an ies.

C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .

A n n o u n cesA g rem en to A cq u ireO cean R ig Jerm y D .T h ig p en -T ran so cean L td .-P resid en t,

C E O & E x ecu tiv eD irecto rT h an k s,B rad ,an d w elco m e,v ery o n e.F o lo w in g th is

m o rn in g 'sp resla,I'm v ery p leasd to an n o u n ceth atT ran so cean h asen terd in to an ag rem en to acq u ireO cean
R ig .T h isp ro p o sed tran sactio n sh o u ld co m easn o su rp riseatfu ly co n siten tw ith an d su p p o rts
o u rstaeg y o fh ig h -g rad in g o u rin d u stry -lead in g fleto fu ltra-d ep w atern d h arsh en v iro n m en t

flo aters,w ith o u tco m p ro m isn g o u rliq u id ity p o sito n o rb aln cesh etflx ib ilty .Ju sto v er1 y earg o ,as
w esaw d em an d fo rh ig h -sp ecifato n ,h arsh en v iro n m en tsem isu b m ersib lestrn g th en in g ,w e

an n o u n ced o u rag rem en to acq u ireS o n g aO fsh o re.T o d ay ,w eb eliv eth ath eg lo b alu ltra-
d ep w aterm ark etiso n th ev erg eo fasim ilareco v ery .Wh ileth ep recistm in g an d trajeco ry o fth atreco v ery istlm aterilzn g ,alo fth e
d atp o in tscleary su g g esth atw earp o ised to ex p erin cean in creasin d em an d in th eu ltra-d ep w aterm ark et.B ren to ilp rices

h av erm ain ed stead ily ab o v e$ 7 0 p erb arelfo rm o sto fth ey ear.O u rcu sto m ersco n tin u eto h av eo fsh o re
p ro jecto stin th e$ 4 0 p erb areln g e,ifn o tlo w er.A n d itsw eld o cu m en ted th ath ey arefcin g resv erp lacem en t

ch alen g esth atcn n o tb ead d resd ex clu siv ely o n sh o re.P erh ap sm o reim p o rtan tly ,in recn tq u artes,w eh av e
w itn esd am ateriln creasin o fsh o reco n tracin g activ ity .A n d b ased o n o u rfeq u en tan d d irecto n v ersatio n s
w ith o u rcu sto m ers,w ek n o w th ath eram u ltip leu ltra-d ep w aterp ro jectso n th eh o rizo n fo r

d ev elo p m en tan d ex p lo ratio n acro so u rcu sto m erb asen d in ev ery m ajo ru ltra-d ep w aterb asin
aro u n d th ew o rld .A su ch ,w eb eliv eth ath isco m b in atio n w ith O cean R ig p ro v id esu sw ith a

u n iq u ean d tim ely o p p o rtu n ity to in creasth en u m b ero fm o d ern h ig h -sp ecifato n ,u ltra-
d ep w aterd rilsh ip sth atw eh av ein o u rflet,w h ich areth eficn td riln g m ach in esth ato u rcu sto m ers

u n eq u iv o caly p ref.T u rn in g to th etran sactio n p resn taio n th atw ep o sted o n o u rw eb site,h estrag ic
ratio n aleistrg h tfo rw ard .T h istran sactio n ad d sth erig h taseh erig h tv alu ean d ath erig h tim eto fu rth ern h an ceo u r
in d u stry -lead in g flet.O n S lid e4 ,y o u w ilseth atw earcq u irn g 1 1 ex istn g aset,in clu d in g 9 h ig h -

sp ecifato n u ltra-d ep w aterd rilsh ip san d 2 h arsh en v iro n m en tsem isu b m ersib les.A fterx clu d in g th ep resn t
v alu eo fth eb ack lo g an d asig n in g aco m b in ed to talv alu eo f$ 1 2 5 m ilo n to th e2

sem isu b m ersib lesan d th eO cean R ig P aro s,w eariv eatim p lied stelv alu eo fap p ro x im ately $ 2 7 8 m ilo n p er
h ig h -sp ecifato n u ltra-d ep w aterd rilsh ip ,w h ich rep resn tsam ean in g fu ld isco u n to o u rcu ren tim p lied stel
v alu efo rsim ilarsetw ith in o u rflet.A d d ito n aly ,asp arto fth istran sactio n ,w earp leasd to h av eth eo p p o rtu n ity

b etw en n o w an d 2 0 2 3 an d 2 0 2 4 to acq u ire2 o fth eh ig h estp ecifato n u ltra-

d ep w aterd rilsh ip sin th ein d u stry .B ecau seo fth eiru n iq u ecap ab iltes,w earctin th ath ey w ilb ein h ig h

d em an d an d b eab leto co m m an d p rem iu m d ay ratesh em ark etrco v ers.B o th o fth esrig sarecu ren tly
u n d erco n stru ctio n an d co m ew ith atrciv esh ip y ard fin an cin g term s.T u rn in g to S lid e5 ,y o u
w ilseth atO cean R ig w ilco n trib u teap p ro x im ately $ 7 4 0 m ilo n to o u raled y in d u stry -lead in g

b ack lo g ,an d it'sm p o rtan to n o teh ath isah ig h -m arg in b ack lo g w ith straeg icu sto m ersin WestA frican d
N o rw ay .T h erfo re,asu lto fth etran sactio n ,w efu rth erstn g th en ed o u rb ack lo g ,w h ileaso sig n ifcan tly

im p ro v in g o u rex p o su reto ,an d ab ilty to cap italzeo n ,w h atw eb eliv eisan im m in en treco v ery in th e
u ltra-d ep w aterm ark et,w ith m u ltip lep ro g ram san d rig y earslik ely to b eaw ard ed o v erth eco m in g
m o n th s.A co rd in g to o u rin tern alrig ran k in g to o l,o u rp ro fo rm afletw iln clu d e1 7 o fth e

to p 5 0 an d 3 1 o fth eto p 1 0 0 u ltra-d ep w aterd rilsh ip sin th ein d u stry .S aid sim p ly ,th isa
tran sfo rm ativ eco m b in atio n th atcn n o tb erp licated .O n S lid e6 ,y o u w ilseth ath etran sactio n w iln o t

m ean in g fu ly im p acto u rliq u id ity p o sito n ,asw ex p ectp ro fo rm aliq u id ity p o st-ran sactio n to b e
ro u g h ly $ 3 .7 b ilo n ,w h ich ism ilarto th eliq u id ity th atw eh ad ath en d o fJu n eth isy ear.In

ad d ito n to O cean R ig 'sh ig h -m arg in b ack lo g ,th ey also h av en etcash o fap p ro x im ately
$ 3 7 0 m ilo n .A n d aftersu rv ey in g th erig san d rev iew in g th eirb u sin es,th eirfn an cialsn d th eird riln g
an d su p p lierco n tracs,w eb eliv ew ecan realizp p ro x im ately $ 7 0 m ilo n in an n u alized sy n erg ies.3

T H O M S O N R E U T E R S S T R E E T E V E N T S |w w w .strev en ts.co m |C o n tac

U s© 2 0 1 8 T h o m so n R eu ters.A lrig h tsrev ed .R ep u b licato n o red istrb u tio n o f

T h o m so n R eu tersco n ten t,in clu d in g b y fram in g o rsim ilarm ean s,ip ro h ib ited w ith o u th e
p rio rw riten co n sen to fT h o m so n R eu ters.'T h o m so n R eu ters'an d th eT h o m so n R eu ters
lo g o areg isterd trad em ark so fT h o m so n R eu tersan d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .
A n n o u n cesA g rem en to A cq u ireO cean R ig F in aly ,g iv en th eco m m ited fin an cin g o f
$ 7 5 0 m ilo n to h elp fu n d th ecash co m p o n en to fth etran sactio n ,w ew ilu seam in im alm o u n t

o fo u rex istn g cash o n th eb aln cesh et.S lid e7 p ro v id esau m m ary o fth etran sactio n .A sm o sto fth is
in fo rm atio n w asco v erd in th ep resla,Iw iln o tsp en d m u ch tim eo n it,b u to h ig h lig h t,h eto tal
tran sactio n v alu eisap p ro x im ately $ 2 .7 b ilo n w ith acsh co n sid eratio n o f$ 1 2 .7 5 an d th eb aln ce
in sh areso fT ran so cean u sin g a1 .6 1 2 8 ex ch an g eratio .T h iseq u ateso O cean R ig sh areh o ld ers
o w n in g ro u g h ly 2 1 % o fth ep ro fo rm aco m p an y .B ased o n o u rcu ren tesim ates,w e'r

targ etin g aclo sed atein th efirstq u arteo fn ex ty ear.S lid e8 sh o w sth eso u rcesan d u seo fcash .Y o u can seth ath ew e
o n ly ex p ecto u se$ 2 4 0 m ilo n o fcu ren tcash o n th eb aln cesh et,alo n g w ith O cean R ig 'scah an d
$ 7 5 0 m ilo n in co m m ited fin an cin g .T h isw ilfu n d th ecash p o rtio n o fth etran sactio n ,p ay th e
M S A term in atio n ch arg ean d rep ay th eO cean R ig term lo an .O n th elft-h an d sid eo fS lid e9 ,y o u w ilsea
ch artd etailn g th eap p ro ach ,asu m m arized earli,to ariv eath eim p lied stelv alu eo f$ 2 7 8 m ilo n p erig fo rth e8 co re

h ig h -sp ecifato n ,u ltra-d ep w aterd rilsh ip s.O n th erig h t-h an d sid eo fth eslid e,y o u w ilseth eim p lied stelv alu esfo r
sim ilarT ran so cean an d o th erp erast.Y o u can seth atw e'rp u rch asin g th esp rem iu m asetd isco u n to o u ro w n
co m p arb least.S lid e1 0 p ro v id esy etan o th erco m p artiv ev iew .In early M ay ,N o rth ern D riln g acq u ired
2 d rilsh ip s,th eWestA q u ilan d th eWestL ib rafo r$ 2 9 6 m ilo n each .Im p o rtan tly ,an d u n lik eth e
ex istn g O cean R ig flet,h esatrn o ty etrad y to d ril.B ased o n o u rk n o w led g eo fth esrig san d o u r

ex ten siv ex p erin cein su cesfu ly b rin g in g n ew b u ild sto m ark et,w eco n serv ativ ely estim ateh ath esrig sw ilreq u ire
an ad d ito n al$ 3 5 m ilo n to $ 4 5 m ilo n o fp rep artio n co st,n o to m en tio n crew in g an d
m o b ilzn g co st,w h ich co u ld ad d an o th er$ 3 0 m ilo n to $ 4 0 m ilo n b efo reth ey ared y
to co m m en ceth eirfstco n tracs.O fn o te,N o rth ern D riln g also en terd in to a6 -m o n th o p tio n to acq u ireth e
C o b altE x p lo refo r$ 3 5 0 m ilo n .S o b ased o n th esrcn tco m p s,w ev iew th e$ 2 7 8

m ilo n p erd rilsh ip th atw earp ay in g fo rth eO cean R ig h ig h -sp ecifato n asetco m p arb ly fav o rab lev alu e.
O n S lid e1 1 ,w eh ig h lig h th eco m p letfran sfo rm atio n th ath astk en p laceo v erth ep astfew y ears.A fter
d iv estin g o u rjack -u p flet,rin g an d recy clin g 4 5 flo aters,d d in g 7 n ew b u ild s,2 o fw h ich arestil
u n d erco n stru ctio n an d acq u irn g S o n g aO fsh o re,O cean R ig an d 3 3 % o fth eT ran so cean
N o rg e,o u rp ro fo rm afletco n sito f5 7 flo atersco m p rised alm o sten tirely o fh ig h -sp ecifato n ,u ltra-d ep w atern d

h arsh en v iro n m en tase.O n S lid e1 2 ,w ed em o n straeh o w o u rp ro fo rm aflo aterflsck su p to th e

co m p etio n .A sy o u can se,w ew ilh av etw iceth en u m b ero flo aterso fo u rn ex tn earstco m p etio r.In
ad d ito n to h av in g th eg reatcp acity in th ein d u stry ,S lid e1 3 ilu straeh o w o u rp ro fo rm aflo atfle
co m p aresfo m atech n icalstn d p o in t.A sev id en ced b y th isld e,w ith th ead d ito n o fO cean R ig ,

T ran so cean h asu n m atch ed flo atercp ab ilty ,w h ich o u rcu sto m ersv alu e.M o reim p o rtan tly ,asy o u tu rn
to S lid e1 4 ,y o u w ilseth ath eq u ality o fo u rasetico n d to n o n e,asw eh av e1 7 o fo u ru ltra-d ep w aters
ran k ed in th eto p 5 0 in th ein d u stry an d 3 1 ran k ed in th eto p 1 0 0 .A n d w h ilen o t
rep resn ted o n th isld e,o u rig ran k in g to o lsu g g esth atw ealso h av e7 o fth eto p 2 5 h arsh
en v iro n m en tflo atersin th ew o rld .O n S lid es1 5 an d 1 6 ,w ep ro v id eso m eh ig h lig h tso fth e

tech n icalsp ecso fth e8 co reu ltra-d ep w aterd rilsh ip sin th eO cean R ig fletasw elasth e2 th atreu n d erco n stru ctio n .A sy o u
w iln o te,h esath av eth efatu resth ato u rcu sto m ersd em an d ,in clu d in g d u alctiv ity ,atles2 m ilo n p o u n d s
o flo ad cap acity ,atles6 ram stack s,atle5 m u d p u m p s,D P -3 staio n -k ep in g sy stem san d p asiv easw elasctiv e
co m p en satio n .A lo fth esrig sh av eaco u sticB O P co n tro lsan d 2 w ilb eq u ip p ed w ith m an ag ed
p resu red riln g sy stem s.In sh o rt,i'sav ery h ig h -q u ality fletd esig n ed to m ax im izeth eficn cy ,w ith w h ich th esat

d eliv erw elsfo ro u rcu sto m ers.N atu raly ,asp arto fo u rd u ed ilg en ce,w ev isted th erig sin O cean R ig 'sflet.T h e2 w arm -
stack ed u n itsn L asP alm asrein ex celn tco n d ito n an d w ilk ely m o v eto th eto p o fo u rm ark etin g list,
alo n g w ith th eD ep w aterA sg ard .O fth e5 co ld -stack ed rig sin G rec,alh av eb en v ery w el4
T H O M S O N R E U T E R S S T R E E T E V E N T S |w w w .strev en ts.co m |C o n tac
U s© 2 0 1 8 T h o m so n R eu ters.A lrig h tsrev ed .R ep u b licato n o red istrb u tio n o f

T h o m so n R eu tersco n ten t,in clu d in g b y fram in g o rsim ilarm ean s,ip ro h ib ited w ith o u th e
p rio rw riten co n sen to fT h o m so n R eu ters.'T h o m so n R eu ters'an d th eT h o m so n R eu ters
lo g o areg isterd trad em ark so fT h o m so n R eu tersan d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .
A n n o u n cesA g rem en to A cq u ireO cean R ig m ain tain ed .Wev iew 3 o fth e5 asex trem ely h ig h

sp ecifato n ,co m p arb leto o u rclead er.T h erfo re,th es3 rig s,th eclard er,an d m o stlik ely ,th eIn d iaw o u ld b eth en ex tase
in th eq u eu e.B ased o n o u rp relim in ary rev iew o fth erig s,w eb eliv eth eractiv atio n co stfo reach o fth e3 refn ced
O cean R ig asetcu ren tly in G recto b eap p ro x im ately $ 2 5 m ilo n .Wew ild ev elo p d etaild reactiv atio n p lan s
o n cew eco n su m m ateh etran sactio n .O n S lid e1 7 ,w esh o w ab reak d o w n o fo u rin d u stry -
lead in g $ 1 2 .5 b ilo n b ack lo g an d h o w w ex p ecth atb ack lo g to co n v ertin to rev en u e

o v erth en ex tsev eraly ears.It'im p o rtan to n o teh ath isah ig h -q u ality b ack lo g w ith stro n g co u n terp arties,
an d asm en tio n ed earli,n av erag ed ay rateo f$ 4 1 3 ,0 0 0 p erd ay ,w h ich iso b v io u sly w elab o v e
cu ren tlead in g -ed g ed ay rates.O n S lid e1 8 ,y o u seo u rb ack lo g asco m p ared to o u rp ers.In
ad d ito n to h av in g alm o st5 x th eb ack lo g o fo u rn ex tn earstco m p etio r,it'sm p o rtan to n o teh at
w ew iln o w h av e1 0 lo n g -term co n tracsh atw ern eg o tiaed p rio rto th ed o w n tu rn an d are

am o n g th e1 0 h ig h estm arg in co n tracsin th ein d u stry .T h isp ro v id esu sw ith u n p arled

v isb ilty to fu tu recash flo w asw en terh em ark etrco v ery .S p eak in g o fth erco v ery ,ify o u tu rn to S lid e
1 9 ,y o u w ilseth atco n tracin g activ ity iscleary o n th eris.Y o u w ilaso n o teh ath esu p er-m ajo rsw h o h av e
b en fairly in activ efo rth ep astev eraly earsb eg an ren terin g th esp aceb y an ew co n tracw ard in late2 0 1 7 .A n d b ased

o n o u rco n v ersatio n sw ith th em ,w eb eliv eth ath ey co u ld b efarm o reactiv ein th eu ltra-d ep w aterm ark ets
aro u n d th ew o rld asw em o v ein to 2 0 1 9 an d 2 0 2 0 .S lid e2 0 su p p o rtsh isb elif,asIH S
sh o w s8 7 d ifern tp ro g ram saco u n tin g fo r5 9 rig y earsth ath ey b eliv ew ilb eaw ard ed o v erth en ex t
1 8 m o n th s.A n d asy o u can sefro m th em ap ,th ed em an d isco m in g fro m ev ery m ajo rm ark etacro s
th eg lo b e.G iv en th isn crem en talciv ity ,o n S lid e2 1 ,y o u can seh o w Wo o d M ack en zieb eliv esth at

u ltra-d ep w aterd ay ratesco u ld p ro g reso v erth en ex tsev eraly ears.B ased o n th eirasu m p tio n s,w eco u ld ex p erin cea
sig n ifcan tm o v ein d ay rates,o n ceag ain ap p ro ach in g ,ifn o tb reach in g $ 4 0 0 ,0 0 0 p erd ay .
A n d w ith th eficn ciesth atw eh av eralizd o v erth ep astfew y ears,d ay ratesu ch asth esw o u ld resu ltin v ery stro n g
m arg in s.O n S lid e2 2 ,w eh ig h lig h th earsw h erw ex p ecto realizsy n erg iesan d creatin crem en talv alu efo ro u r
cu sto m ersan d sh areh o ld ers.B ased o n o u rp relim in ary o b serv atio n so fO cean R ig an d o u rex p erin ce

w ith th eS o n g aO fsh o rein teg ratio n ,w ex p ecto d eliv erap p ro x im ately $ 7 0 m ilo n in
an n u alized sy n erg ies.O n S lid e2 3 ,w esh o w th em ajo rp u tsan d tak esfro m Ju n e3 0 ,2 0 1 8 to
D ecm b er3 1 ,2 0 2 0 asw elaso fth em ajo raco m p lish m en tso fo u rfin an cean d leg altem s.A sy o u can se,ifw e
in clu d eth e$ 5 0 0 m ilo n A co rd io n featu reo n o u recn tly n eg o tiaed $ 1 b ilo n rev o lv er
an d th e$ 1 .4 b ilo n o fsecu red cap acity av ailb leto u sth ro u g h th efo u rth an d fin alS h elrig an d th e

2 rem ain in g C A T -D rig s,w ean ticp ateliq u id ity p o sito n o f$ 3 .2 b ilo n to $ 3 .4 b ilo n ath e
en d o f2 0 2 0 .O n S lid e2 4 ,y o u seo u rliq u id ity p o sito n v ersu so u rp ers.A n d fin aly ,
S lid e2 5 su m m arizesth estrag icrato n ale,th erig h taseh erig h tv alu ean d ath erig h tim e.Wew iln o w en terain y o u r
q u estio n su ro u n d in g th ep ro p o sed tran sactio n .Q U E S T IO N S A N D
A N S WE R S O p erato r(O p erato rIn stru ctio n s)A n d o u rfistq u estio n to d ay w ilco m efro m Jam esWest

w ith E v erco reIS I.5 T H O M S O N R E U T E R S S T R E E T E V E N T S |

w w w .strev en ts.co m |C o n tacU s© 2 0 1 8 T h o m so n R eu ters.A lrig h tsrev ed .R ep u b licato n o r
red istrb u tio n o fT h o m so n R eu tersco n ten t,in clu d in g b y fram in g o rsim ilarm ean s,ip ro h ib ited
w ith o u th ep rio rw riten co n sen to fT h o m so n R eu ters.'T h o m so n R eu ters'an d th e
T h o m so n R eu terslo g o areg isterd trad em ark so fT h o m so n R eu tersan d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .

A n n o u n cesA g rem en to A cq u ireO cean R ig Jam esC arly leWest-E v erco reIS In stiu tio n alE q u ites,R esarch
D iv iso n -S en io rM D Jerm y ,Iw ascu rio u sth aty o u g u y sw erd o in g d ilg en ceo n th eO cean
R ig aset,h eo n esth atresck ed o rev en w arm -stack ed ath isp o in th ath eq u ality o fth erig s,h o w w elth ey w er
p resv ed o rm ain tain ed ,w ery o u p leasd ,n o tp leasd ,an d h o w d id y o u g u y sfelab o u th erig s

th em selv esan d w h aty o u n ed to d o to m ak esu reth ey 'read y to g o ?Jerm y D .T h ig p en -

T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rY es,itw asp ro b ab ly th en u m b ero n eitm in
o u rd u ed ilg en celistan d so w eh ith erig sv ery q u ick ly ,sen tso m eo fo u rm o stex p erin ced tech n icaln d
o p eratin g p eo p leto v isth erig san d alcm eb ack v ery p leasn tly su rp rised .T h erig sarein ex celn tco n d ito n .
O cean R ig h asd efin itely in v estd in th eq u ality o fth erig an d th ep resv atio n tech n iq u es.S o v ery ,v ery

im p resd w ith th ep resv atio n o fth east.M ark -A n th o n y L o v elM ey -T ran so cean L td .-E x ecu tiv e
V P & C F O Jam es,th isM ark .Ju stan ex am p le,o n th ew arm -stack ed rig s,th ey 'resp en d in g p ro b ab ly
$ 1 6 ,0 0 0 ad ay k ep in g th o serig sw arm .S o cleary ,th o serig scan g o b ack to w o rk w ith a
m in im alin v estm en to faro u n d $ 5 m ilo n .T h eco ld -stack ed rig s,ify o u n o ticeh eractiv atio n d o larsth at
Jerm y g av e,th at'slo w th an w h atw ex p ectin so m eo fo u rsb ased u p o n th ep resv atio n p ro ced u resth at

th ey p u tin p lace.Jm esC arly leWest-E v erco reIS In stiu tio n alE q u ites,R esarch D iv iso n -S en io rM D O k ay .
T h at'sg reato h ear.A n d th en y o u g u y sh av eb en talk in g ab o u tso m ew h atim m in en t
reco v ery h ero rth en ex treco v ery to h ap p en sh o u ld b ein th eu ltra-d ep w aterm ark etan d Ik n o w
y o u laid o u th en u m b ero faw ard sth atreo n th eh o rizo n .A sy o u d iscu sw ith y o u rcu sto m ers,
w h atish etim in g o fth esco n tracw ard s?C o u ld w esth isflu ry o factiv ity b efo rey ear-n d o raew etalk in g m o reo fa

2 0 1 9 sto ry ?Jerm y D .T h ig p en -T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rIth in k
y o u co u ld staro seo m eactiv ity p ick u p in term so fco n tracw ard sto w ard sth en d o fth isy earsth ey g eto th eir
b u d g etsao n s.B u tIh in k th ev astm ajo rity ,y o u 'lsew ilp ro b ab ly staru p in early '1 9 an d m o v e
th ro u g h '1 9 an d in to '2 0 ,w h en y o u realy staro seth eco n tracw ard s,w h ich sh o u ld lead to
so m ed ay ratep p reciato n asw em o v eth ro u g h n ex ty ear.O p erato rA n d n ex t,w e'lh earfo m Jam es

Wick lu n d w ith C réd itS u ise.Jam esK n o w lto n Wick lu n d -C réd itS u iseA G ,R esarch D iv iso n -
M D Iju stg o tn o tifed th atI'm n o talo w ed to ask q u estio n sin cew e'rsticd .S o I'lju stay co n g ratu latio n san d
d ro p o f.Jerm y D .T h ig p en -T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rT h an k s,Jim .
O p erato rN ex t,w e'lm o v eto E irk R ø h m esm o w ith C lark so n s.6 T H O M S O N
R E U T E R S S T R E E T E V E N T S |w w w .strev en ts.co m |C o n tacU s© 2 0 1 8

T h o m so n R eu ters.A lrig h tsrev ed .R ep u b licato n o red istrb u tio n o fT h o m so n R eu ters

co n ten t,in clu d in g b y fram in g o rsim ilarm ean s,ip ro h ib ited w ith o u th ep rio rw riten co n sen to f
T h o m so n R eu ters.'T h o m so n R eu ters'an d th eT h o m so n R eu terslo g o areg isterd trad em ark so f
T h o m so n R eu tersan d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .
A n n o u n cesA g rem en to A cq u ireO cean R ig E irk R ø h m esm o -C lark so n sP lato u S ecu rites,In c.,
R esarch D iv iso n -R esarch A n aly stA q u estio n o n th eco m p ariso n to th eN o rth ern D riln g tran sactio n ,
w h ich w ast$ 3 3 1 m ilo n to $ 3 4 1 m ilo n ,d o y o u th in k th ath ersh o u ld b ean y
d isco u n to th eO cean R ig rig sath ey aren o tb ran d n ew o risth isag ed ifern ceo fsetb y co m p letd
sh ak ed o w n p erio d s,track reco rd an d p o sito n ,etcra?M ark -A n th o n y L o v elM ey -T ran so cean

L td .-E x ecu tiv eV P & C F O S o E irk ,th an k sfo rth eq u estio n .Ify o u recalb ack to Jerm y 'sp rep ared
co m m en ts,o fth e8 rig sw h ich w e'ru sin g in th ev alu atio n o fth e$ 2 7 8 m ilo n ,4 o fth o sear7 th -
g en rig san d eq u iv alen to th erig sth atreu n d erco n stru ctio n atS am su n g th atw ercn tly p u rch ased .S o
w e'rb len d in g al8 rig s.S o y o u can m ak eth earg u m en th at4 o fth em areid en tical,n d th eag ed ifern ced o es
n o th av eav alu atio n im p act.E irk R ø h m esm o -C lark so n sP lato u S ecu rites,In c.,R esarch D iv iso n -R esarch
A n aly stO k ay .A n d th en seco n d ,so rto fm o v in g fo rw ard o rlo o k in g fo rw ard ,arey o u stil
lo o k in g atp o ten tiald ealsin th eh arsh en v iro n m en t/N o rw eg ian m ark eto rw o u ld th isb ed ifcu lt
fro m aco m p etiv eo reg u lato ry p ersp ectiv en o w w h en y o u 'retak in g o v erth eE irk so n ,fo r
ex am p le?Jrm y D .T h ig p en -T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rN o ,Im ean ,w e
co n tin u eto lo o k ,w eco n tin u eto ex p lo reo p p o rtu n iteso co n tin u eto en h an ceo u rflet,

b o th in th eh arsh en v iro n m en tan d u ltra-d ep w ater.We'v eg o to u rh an d sfu lrig h tn o w

co n su m m atin g th istran sactio n ,b u tw e'lco n tin u eto lo o k .O p erato rN ex t,w e'lm o v eto Ju d B ailey
w ith WelsF arg o .Ju d so n E d w in B ailey -WelsF arg o S ecu rites,L L C ,R esarch D iv iso n -M D an d
S en io rE q u ity R esarch A n aly stJerm y ,Iw asw o n d erin g ,co u ld y o u -Iw asu n ab leto w riteas
q u ick ly asy o u w ertalk in g .Wo u ld y o u m in d w alk in g th ro u g h th eractiv atio n
asu m p tio n s,ag ain ?Iw an to u n d erstan d th eractiv atio n co stfo rth eA th en a,M y lo san d A p o lo an d
also th eractiv atio n co stp o ten tialy fo rlik eth eE irk so n an d so m eo fth e6 th g en sth atreco ld -stack ed asw el?M ark -
A n th o n y L o v elM ey -T ran so cean L td .-E x ecu tiv eV P & C F O Ju d ,I'ltak eth ato n e.S o let'sar
w ith th eE irk so n asy o u stared w ith th er.Ify o u can se,w ep u tan o m in alv alu eo n th eE irk so n ,th e
R au d ean d th eP aro s.Weh av en o tco m p letd reactiv atio n co sto n th eR au d ean d th eP aro sath istag e.S o

I'm n o tp rep ared to talk to th at,b u tw ith reg ard to alo fth ew arm -stack in g rig s,aIm en tio n ed earli,th o serig sarein realy
g o o d sh ap e.T h ey 'v eb en tu rn in g th eq u ip m en to n ad aily b asin d th esn io rcew ish ired .
S o aly o u n ed to d o th erish ireth eju n io rcew an d th ep erp etu altrin in g an d th at'sb o u ta$ 5
m ilo n co st.With reg ard to th e7 th -g en co ld -stack ed rig s,Jerm y in d icated a$ 2 5 m ilo n reactiv atio n co st.T h is
b ased u p o n afirly h ig h -lev elrv iew o freactiv atio n .K elan an d h isteam w ilb eg etin g in th er,lo o k in g ath at
in m o red etail.We'lu p d ateh em ark etw ith th ato v ertim e.B u tcleary g iv en th ecap ab ilty o fth o seat,h ey w ilb e
h ig h o n o u rlisto reactiv atein m ark eto co n tracsh erco v ery co n tin u es.7 T H O M S O N
R E U T E R S S T R E E T E V E N T S |w w w .strev en ts.co m |C o n tacU s© 2 0 1 8
T h o m so n R eu ters.A lrig h tsrev ed .R ep u b licato n o red istrb u tio n o fT h o m so n R eu ters
co n ten t,in clu d in g b y fram in g o rsim ilarm ean s,ip ro h ib ited w ith o u th ep rio rw riten co n sen to f

T h o m so n R eu ters.'T h o m so n R eu ters'an d th eT h o m so n R eu terslo g o areg isterd trad em ark so f

T h o m so n R eu tersan d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .
A n n o u n cesA g rem en to A cq u ireO cean R ig Ju d so n E d w in B ailey -WelsF arg o S ecu rites,
L L C ,R esarch D iv iso n -M D an d S en io rE q u ity R esarch A n aly stO k ay .A lrig h t.A n d Ig u es,
m y fo lo w -u p iso n ,y o u h ig h lig h ted $ 7 0 m ilo n o fco sty n erg y .C an y o u
g iv eu saen seo fh o w w esh o u ld th in k ab o u th etim in g o n reco g n izn g th o sey n erg ies

o v erth en ex tco u p leo fy ears?Wh atco m es-h o w m u ch can y o u reco g n izerlatv ely q u ick ly an d
th en w h atw o u ld tak ealitb itlo n g erto u ltim ately b en efitro m ?M ark -A n th o n y L o v elM ey -
T ran so cean L td .-E x ecu tiv eV P & C F O S o ,Ju d ,sim ilarto S o n g atrn sactio n ,w esim p ly ex p ecto
clo seth isd ealry 2 0 1 9 .S o n g aclo sed in early 2 0 1 8 .A n d th eg u id an ceo n th atrn sactio n w ilb e
sim ilarto th eg u id an ceto th istran sactio n .We'ltak e3 q u artesn tialy to ach iev eth o sey n erg ies.O fth e$ 7 0 m ilo n in
sy n erg ies,ab o u t$ 5 0 m ilo n isG & A an d ab o u t$ 2 0 m ilo n iso p eratio n al.S o w ith th e
G & A ,g iv en th atm o sto fth isb ased in A th en san d w ed o n o tsem to h av ean o ficen A th en s,th at
p o rtio n sh o u ld b eab leto b each iev ed in th efirstq u artew ith th eo p eratio n alsy n erg ieso v erth e3 q u artesh atI
m en tio n ed p rev io u sly .O p erato rA n d n ex t,w e'lm o v eto Ian M acP h erso n w ith S im m o n s.
Ian M acP h erso n -S im m o n s& C o m p an y In tern atio n al,R esarch D iv iso n -M D & S en io rR esarch

A n aly sto fO ilS erv iceG iv en th e-Ith in k w e'ralp ro b ab ly aliteb itp o sitv ely su rp rised b y th e$ 2 5
m ilo n reactiv atio n co steim atefo rth eco ld -stack ed 7 th g en san d so to m e,th atw o u ld -Iw o u ld in fero m th at,
th ath o sew o u ld ran k ath eto p o fth elistfo rin crem en talcp itald ep lo y m en tab o v etak in g d eliv ery o fth e
n ew b u ild s,b u tco u ld y o u w alk u sth ro u g h th eco m p ariso n sb etw en M y lo s,A th en a,
A p o lo aso p p o sed to th eS an to rin ian d th eC ret?A n d h o w y o u w o u ld th in k
ab o u th etim in g an d trig g erfo rtak in g d eliv ery o fth o sen ew b u ild srelativ eto alth esp arecp acitesn th ex istn g flet?
M ark -A n th o n y L o v elM ey -T ran so cean L td .-E x ecu tiv eV P & C F O G reatq u estio n ,Ian ,
an d th an k s.S o th eco ld -stack ed rig s,aJerm y m en tio n ed ,$ 2 5 m ilo n ,g iv en th ecap italreq u ired to
b rin g th o serig sto m ark etw ilceary ran k ah ead o fth en ew b u ild s,w h ich h av efin alsh ip y ard p ay m en ts
in ex ceso f$ 3 0 0 m ilo n fo rth efirsto n e-fo rth eS an to rin ian d ju stn o rth o f$ 5 0 0 m ilo n fo rth e

C ret.S o w ew o u ld b e,firsto fal,o cu sed o n th ew arm -stack ed rig sm ech an ized in th eC o rco v ad o an d
th en fo lo w ed b y th eA th en a,th eM y lo san d th eA p o lo .Ian M acP h erso n -S im m o n s&
C o m p an y In tern atio n al,R esarch D iv iso n -M D & S en io rR esarch A n aly sto fO ilS erv iceO k ay .I
w o u ld g u esth aty o u h av eascn ario an aly sifo r,Id o n 'tk n o w w h atilo o k slik e,b u tm ay b efo r
th ey ear2 0 2 0 ,co u ld y o u g iv eu sth eh ig h -an d lo w -en d ran g eso fso rto factiv eO cean R ig rig s
in y o u rfletin term so fu tilzao n ,m ay b eg etasn seo fw h aty o u rtim in g o b jectiv esarfo rfiln g u p th eu tilzao n
o fth eacq u isto n ?M ark -A n th o n y L o v elM ey -T ran so cean L td .-E x ecu tiv eV P & C F O
S o ,Ian ,th etim in g isg o in g to b ed riv en b y co n tracs.S o y o u h eard fro m Jerm y th atw eh av ea,I'd
say ,ab u lish ,b u trealiscv iew o fth erco v ery .A n d ifth erco v ery p ro jectilsaw ex p ect,w eco u ld se2 to 3 rig sreactiv ated p er

y earto co n trac.In M acP h erso n -S im m o n s& C o m p an y In tern atio n al,R esarch D iv iso n -M D &
S en io rR esarch A n aly sto fO ilS erv iceWith co n tracs?8 T H O M S O N R E U T E R S
S T R E E T E V E N T S |w w w .strev en ts.co m |C o n tacU s© 2 0 1 8 T h o m so n R eu ters.
A lrig h tsrev ed .R ep u b licato n o red istrb u tio n o fT h o m so n R eu tersco n ten t,in clu d in g b y
fram in g o rsim ilarm ean s,ip ro h ib ited w ith o u th ep rio rw riten co n sen to fT h o m so n R eu ters.
'T h o m so n R eu ters'an d th eT h o m so n R eu terslo g o areg isterd trad em ark so fT h o m so n R eu ters
an d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .
A n n o u n cesA g rem en to A cq u ireO cean R ig M ark -A n th o n y L o v elM ey -T ran so cean
L td .-E x ecu tiv eV P & C F O With co n tracs,y es.O p erato rA n d n ex t,w e'lm o v eto S ash aS an w al
w ith U B S .M ad h av S an w al-U B S In v estm en tB an k ,R esarch D iv iso n -D irecto ran d E q u ity

R esarch A n aly stL o o k ,firsto f,n o to k in d o fb eatd ead h o rseh er,b u to g etb ack to th eco ld -stack ed cau se,
n o w lo o k w eh av etrid to d o so m ed ilg en ceo n th eO cean R ig stack ed asetn d Ik n o w th ath ey
h av etak en o f-rem o v ed th eth ru ster,h ey 'v etak en o fth eB O P s,Ith in k in so m ecas,th eO E M sareh elp in g
w ith th atp resv atio n p ro ces,b u tju sth atw ecan g etco m fo rtab lew ith y o u reactiv atio n co steim ateh er,ig h t,
k ep in g in m in d y o u g u y sh av eo th erig s,o th eracq u isto n saw el.C an y o u ju stk in d o f
talk u sth ro u g h w h atO cean R ig d id th atisv ery h elp fu lw ith th eractiv atio n co stan d ju stw h atg iv es
y o u g u y sm o reco n fid en cein th atn u m b er?M ark -A n th o n y L o v elM ey -T ran so cean
L td .-E x ecu tiv eV P & C F O S o th an k s,S ash a.I'm ju stg o in g to g iv ey o u so m eh ig h -
lev eld ilg en ceo n th is.F irsto fal,th esrig sareco ld stack ed in an arein G recw h erth erisx trem ely lo w h u m id ity .S o

y o u d o n 'th av eth erisk th aty o u 'reg o in g to h av eb y stack in g itn an areclo serto th eq u ato rw h er
y o u d o h av eth eh u m id ity risk .S eco n d ly ,th erin stalio n o fth eth ru steran d th eB O P s,th at
sh o u ld n o tco stu sm u ch atln d g iv en th efacth esrig sareco ld stack ed sid eb y sid eb y sid ein G rec,th esy n erg ies
b y h av in g m u ltip leth ru steran d B O P sto red to g eth erw o u ld certain ly h elp u sw ith th atsw el.I
th in k y o u m en tio n ed th efacth atIu sed th eO E M sto asitn th eco ld stack in g o fth esu n its,h isan o th er
k ey elm en th ath elp sin p resv in g th esatp p ro p riately so th aty o u can reactiv ateh em o n a-tlo w erp ricelv el.
M ad h av S an w al-U B S In v estm en tB an k ,R esarch D iv iso n -D irecto ran d E q u ity R esarch A n aly st
O k ay .G reat.T h ath elp salo t.A n d th en ju stah ig h lev el,ag ain ,g u y s,can y o u ju stk in d o fw alk u s
th ro u g h -asw eth in k th ro u g h th em ix th aty o u g u y su ltim ately d ecid ed o n in term so fcash
v ersu seq u ity .C an y o u ju stk in d o fw alk u sth ro u g h ,ag ain ,Ik n o w th ep ro x y w il

co m ean d w e'lg etm o red etailso v ertim e,b u tcan y o u ju stk in d o fath ig h lev elw alk u sth ro u g h
h o w y o u th o u g h tab o u th at?M ark -A n th o n y L o v elM ey -T ran so cean L td .-
E x ecu tiv eV P & C F O S o o n S lid e8 ,w ep ro v id ed so u rcesan d u se,S ash a.I'm n o tsu reIcan realy
ad d to o m u ch m o reto th at.B u tg iv en th efacth atw ed o b eliv eth atw e'rath ecu sp o fareco v ery in th e
d ep w atern d u ltra-d ep w aterm ark et,w e'rv ery sen sitv eto th eisu eo fad d ito n aleq u ity .S o w etry to creatb aln ce
b etw en eq u ity an d cash ,an d w ecrtain ly b eliv eth atw e'v each iev ed th at.B u tIrealy can 'tad d to o m u ch m o re
to S lid e8 .M ad h av S an w al-U B S In v estm en tB an k ,R esarch D iv iso n -D irecto ran d E q u ity
R esarch A n aly stA lrig h t.A n d ifIcan sn eak in o n elastry q u ick o n e.Ju stin term so fth en ew rig san d can
y o u ju stg iv eu sy o u rab ilty to d efrth ed eliv ery o fth o serig san d h o w w esh o u ld th in k
ab o u th at?9 T H O M S O N R E U T E R S S T R E E T E V E N T S |

w w w .strev en ts.co m |C o n tacU s© 2 0 1 8 T h o m so n R eu ters.A lrig h tsrev ed .R ep u b licato n o r

red istrb u tio n o fT h o m so n R eu tersco n ten t,in clu d in g b y fram in g o rsim ilarm ean s,ip ro h ib ited
w ith o u th ep rio rw riten co n sen to fT h o m so n R eu ters.'T h o m so n R eu ters'an d th e
T h o m so n R eu terslo g o areg isterd trad em ark so fT h o m so n R eu tersan d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .
A n n o u n cesA g rem en to A cq u ireO cean R ig M ark -A n th o n y L o v elM ey -T ran so cean

L td .-E x ecu tiv eV P & C F O Wel,Ith in k w h aty o u 'v esn w ith T ran so cean ,y o u 'v esn w ith
O cean R ig an d sev eralo th erd rilesth atren eg o tian g an d w o rk in g w ith th esh ip y ard sin d elay in g th e
d eliv ery o frig sh asn o tb en v ery o n ero u s.S o w efu ly ex p ecto b eab leto w o rk w ith
S am su n g an d to b rin g th esrig so u to co n tracso m etim ein th efu tu re.Weh av eag reatlio n sh ip w ith
S am su n g ,an d so w elo o k fo rw ard to w o rk in g v ery clo sely w ith th em .Jerm y D .
T h ig p en -T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rA n d to ad d to th at,h efin al
p ay m en tso n th o serig saren 'td u eu n til2 0 2 3 an d 2 0 2 4 .Wecertain ly b eliv eth atw e'lco m p leth o se
rig sath ig h d ay rateco n tracsb etw en n o w an d th en .O p erato r(O p erato rIn stru ctio n s)N ex t,w e'lm o v eto
K u rtH aled w ith R B C .K u rtK ev in H aled -R B C C ap italM ark ets,L L C ,R esarch D iv iso n -C o -H ead
o fG lo b alE n erg y R esarch an d A n aly stJu stw an ted to g etg en eralsn seay o u th in k ab o u th e-

y o u 'reth ro u g h th ep ro cesan d y o u h av eco n v ersatio n sw ith v ary in g cu sto m ersab o u t

d ifern tco n tracsn d rig sth atresck ed an d th eco sty o u 'v eg o to p u tin .Wh atk in d o fco n tracem sarey o u
h o p in g to g etk in d o fo u to fth eb o x w h en y o u staro activ ateh esrig s?O rw h at'so u th er,I
sh o u ld m ay b eask th atd ifern tly ,w h at'sv ailb leto y o u fo rth esrig sin th em ark et?Ik n o w w e'v esn so m e
co n tracsh ath av eco m eo u tin italy w ith m u ltiw elp ro g ram sw ith so m em o d estcalin g k in d o fd ay rate
stru ctu re.S o d o y o u th in k y o u 'lseo m eth in g lik eth ato ry o u th in k y o u w ilb ein a
p o sito n to g arn erso m elo n g er-tm co n tracsw ith su b stan tialy b etrp ricn g th an w h atw asen recn tly ?Jerm y D .
T h ig p en -T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rIth in k to star,K u rt,w e'rsin g ito d ay .I
th in k o u rcu sto m ersco g n izeth ath ed ay rateso d ay arev ery fav o rab leto th em ,an d w eh av em o rean d
m o recu sto m ersth atrep p ro ach in g u sab o u tlo n g ertm sth an th ey h av eo v erth eco u rseo fth elast3 y ears.

A n d so th at'sn o th ersig n alth ath ey h av ep ro g ram sth atreco m in g u p ,th ey w an to secu reth eh ig h est
q u ality ,m o steficn tasen d th ey w an to d o so ato d ay 'sd ay rates.S o w e'rstain g to sealitb ito fth atm aterilz.O u r
p o sito n o n th ato d ateh asb en ,w e'rn o tg o in g to lo ck in to acsh b reak ev en d ay ratefo ran
ex ten d ed term .S o asw elo o k ath eso p p o rtu n ites,w h eth er2 o r3 y ears,w ed efin itely w an to g etu p sid e
p o ten tialn th eo u tery earsth atreco n siten tw ith w h ath em ark etcan b earth atp o in tin tim e.S o Ith in k ,to star,y o u 'lsea
co u p leo fo p p o rtu n itesw h ero u rcu sto m ersaty in g to g eth eslo n g er-tm co n tracs,b u tIh in k ,early
o n ,y o u 'lsem o reo fth esh o rted u ratio n k in d o flo w erd ay ratesn d th en asw ep ro g resth ro u g h
th isreco v ery laterh isy earn d in to n ex t,y o u 'lstaro sed ay ratesm o v eh ig h ero n th eh ig h ersp ecifato n asetn d
y o u 'lstaro sealitm o retm .S o Ith in k ,itk in d o fb u ild san ew m o v ein to an d th ro u g h o u t
2 0 1 9 .K u rtK ev in H aled -R B C C ap italM ark ets,L L C ,R esarch D iv iso n -C o -H ead o fG lo b al

E n erg y R esarch an d A n aly stO k ay .T h at'sg o o d co lo r.Ju sto n afo lo w -u p h er.Y o u

g u y srefn ced y o u 'v eg o t1 7 o fth eto p 5 0 rig s.Ik n o w y o u h av ey o u ro w n
p ro p rietay ran k in g to o l,b u tfo rth o seo n th eo u tsid elo o k in g in ,w h atreso m eo fth ek in d
o fd y n am icso fth esrig sth atw ecan m ay b etrack to k in d o falso aseth eco m p etiv en atu reo fth eflt?Jrm y D .
T h ig p en -T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rS u re.Im ean ,th ek ey atrib u teso fth esu ltra-
d ep w atersh atrem o stin d em an d b y o u rcu sto m ersag o in g to b ed u alctiv ity ,atles2 m ilo n
p o u n d h o o k lo ad ,in so m ecas2 .5 m ilo n p o u n d h o o k lo ad o rg reat.D u al
B O P sarectin ly p refab le,b u talesB O P sw ith 6 ram stack s,o m etim es7 ram stack s,certain ly D P -3 staio n -k ep in g sy stem s.
A n d th o searju sto n am eafw .B u tw eh av em o rean d m o recu sto m ers1 0 T H O M S O N

R E U T E R S S T R E E T E V E N T S |w w w .strev en ts.co m |C o n tacU s© 2 0 1 8

T h o m so n R eu ters.A lrig h tsrev ed .R ep u b licato n o red istrb u tio n o fT h o m so n R eu ters
co n ten t,in clu d in g b y fram in g o rsim ilarm ean s,ip ro h ib ited w ith o u th ep rio rw riten co n sen to f
T h o m so n R eu ters.'T h o m so n R eu ters'an d th eT h o m so n R eu terslo g o areg isterd trad em ark so f
T h o m so n R eu tersan d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .

A n n o u n cesA g rem en to A cq u ireO cean R ig ask in g fo rM P D cap ab ilty .S o w e'rstain g to seth at

sp read aliteb itm o reth ro u g h o u th ein d u stry .A n d th en ,o fco u rse,y o u 'v eg o tso m esp ecifs
d o w n in B razilw ith aco u stico n B O P co n tro lsan d a(in au d ib le)k ey featu resth er.K u rtK ev in H aled -
R B C C ap italM ark ets,L L C ,R esarch D iv iso n -C o -H ead o fG lo b alE n erg y R esarch an d A n aly st
O k ay .G reat.A n d th en fin aly ,to w rap u p ,o n P ag e2 0 ,y o u talk ab o u t5 9 rig y earsto b e
aw ard ed o n 8 7 d ifern tp ro g ram s.Ith atex p ectaio n th ath o serig y earsw ilb ealw ard ed in 2 0 1 9 o risth at
m o relik ea2 -o r3 -y eark in d o fp erio d ?Jerm y D .T h ig p en -T ran so cean L td .-P resid en t,C E O &
E x ecu tiv eD irecto rIt'sacu aly an 1 8 -m o n th v iew .S o it'so v erth eco u rseo fth en ex t1 8 m o n th s,o
in to th efirstp arto f2 0 2 0 .O p erato rA n d n ex t,w e'lm o v eto C o lin D av iesw ith B ern stein .C o lin
M ich aelD av ies-S an fo rd C .B ern stein & C o .,L L C .,R esarch D iv iso n -S en io rA n aly stI'm

w o n d erin g ,ify o u can g iv eu saliteb itm o reco lo rasto so rto fth eran k in g p rio rity aro u n d th eco n tracs
co m in g u p .Im ean ,talk aliteb itp erh ap sab o u th eap p ro ach to th ew arm -stack ed rig sv ersu sth eco ld -stack ed rig s.I
m ean ,y o u 'relik ely to try an d g et-o rm o rew iln g p erh ap sto tak eam o retacilo n tracju sto g eth o sew arm rig s
o u tan d h o tw h erp resu m ab ly aliteb itm o retm req u ired to g eth eractiv atio n sm o v in g fo rw ard .Jerm y
D .T h ig p en -T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rY es,Ith in k th at'srig h t.Id o n 't
k n o w ifth erw asq u estio n th er,b u ty es.C o lin M ich aelD av ies-S an fo rd C .B ern stein & C o .,L L C .,
R esarch D iv iso n -S en io rA n aly stY es.A n d th en in term so fth en ew b u ild s,o b v io u sly
y o u 'v eg o ty o u ro w n p ro jectsan d th esp ro jectsn o w in th eh o p p er.H o w w o u ld
y o u ran k th em ?H o w w o u ld y o u p rio ritzeh at?M ark -A n th o n y L o v elM ey -
T ran so cean L td .-E x ecu tiv eV P & C F O S o th isM ark ,C o lin .Ify o u recalw ith reg ard to o u r

n ew b u ild s,w h ich aresch ed u led to b ed eliv erd in 2 0 2 0 ,w e'v ercn tly tak en th ed eciso n to
u p g rad eth esrig sto 3 m ilo n p o u n d h o o k lo ad an d afew o th erb elsan d w h istleh atm ak e-
in clu d in g th eb est2 rig sin th ew o rld .S o th esrig sarev ery w elp o sito n ed fo rah ig h -p ro filejo b
ty p icaly in th eG u lfo fM ex ico ,w h ery o u d o req u ireth ecap ab iltesh ath esrig sh av e.T h eS an to rin isa7 th -
g en rig ,so v ery sim ilarto th eM y lo s,th eA p o lo ,th eA th en a,n d th eC retisw h at'srefd to astrg etclasrig ,so th at
w o u ld ran k rig h tb elo w o u r2 Ju ro n g rig s.S o iftw asp u rely lo o k in g atcp ab ilty ,y o u
w o u ld p rio ritzeh em b ased u p o n Ju ro n g 1 an d 2 ,C retan d th en th eS an to rin i.B u ti
d o esn 'talw ay sw o rk th atw ay .A n d w e'v ealso g o tacerin am o u n to fu n d sreq u ired to p ay th e
sh ip y ard atd eliv ery an d th eS an to rin iw o u ld h av eth elastm o u n td u eath atp o in t,fo lo w ed

b y th e2 Ju ro n g rig sfo lo w ed b y th eC ret.S o th atlso w o u ld b eafcto rth atco m esin to it.B u t

ty p icaly ,th eb ig g estd riv erisg o in g to b earo u n d cu sto m ers.S o w eh av eacu sto m erth at'so u th er
lo o k in g fo raig lik eth eJu ro n g rig san d th at'sw h atw e'rg o in g to b ew o rk in g w ith an d
sim ilary w ith S an to rin io rth eC ret.1 1 T H O M S O N R E U T E R S
S T R E E T E V E N T S |w w w .strev en ts.co m |C o n tacU s© 2 0 1 8 T h o m so n R eu ters.
A lrig h tsrev ed .R ep u b licato n o red istrb u tio n o fT h o m so n R eu tersco n ten t,in clu d in g b y
fram in g o rsim ilarm ean s,ip ro h ib ited w ith o u th ep rio rw riten co n sen to fT h o m so n R eu ters.
'T h o m so n R eu ters'an d th eT h o m so n R eu terslo g o areg isterd trad em ark so fT h o m so n R eu ters
an d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .
A n n o u n cesA g rem en to A cq u ireO cean R ig O p erato rA n d n ex t,w e'lm o v eto E d u ard o
R o y esw ith Jefris.E d u ard o B .R o y es-JfriL L C ,R esarch D iv iso n -E q u ity A n aly stA q u estio n
o n th eh arsh en v iro n m en tsem is.O b v io u sly ,th atm ark eth asb en p rety tig h t.Wealk n o w th at.I
th in k th esrig sareb itu n iq u e,th o u g h ,rig h t?T h ey 'reco m in g u p o n ,Ig u es,th ey 'ren o rth o f
1 5 y earso fag e.O b v io u sly ,th erisan im p lied v alu ein th o sein ceth ey 'relu m p ed in w ith th eP aro sat
$ 1 2 5 m ilo n ,Ig u esit.S o cu rio u s,ify o u can p ro v id eso m eco lo ro n th eo u tlo o k fo rth esat
th ey m ay b eco m in g u p o n b ein g in n ed o falo to fin v estm en t.O b v io u sly ,th ey 'v e
o u tb en co ld stack ed fo rso m etim easw el.S o aliteb itm o reco lo ro n th eo u tlo o k th aty o u g u y sefo r

th o se2 u n its.Jerm y D .T h ig p en -T ran so cean L td .-P resid en t,C E O & E x ecu tiv eD irecto rS u re,
im p o rtan to n o teh ato n eiso n co n tracig h tn o w w ith o p tio n s.A n d so th eo th er2 ,w en ed
to g etab etrd ealfo rth em o n cew eco n su m m ateh etran sactio n an d g eto n b o ard an d realy an aly zeth em in
m o red etail.B u tg iv en th efacth atw eascrib esu ch an o m in alv alu eto th em asco m b in ed 3 ,w eraly d o n 'th av e
h ig h h o p eso fm ark etab ilty o fth o seat,b u tw e'lh av eto seo n cew eco n su m m ateh etran sactio n .
E d u ard o B .R o y es-JfriL L C ,R esarch D iv iso n -E q u ity A n aly stO k ay .G o ti.A n d th en I
k n o w ,y o u 'v etalk ed ab itab o u th isalred y .Ig u es,I'd b ecu rio u s,d o y o u th in k alth ew arm -
stack ed rig sw o u ld co m eb ack b efo reth eco ld ?O b v io u sly ,th eco n o m icsarew h ath ey 're.O rd o
y o u sem ay b eso m eo fth e,Ig u es,lo w er-sp ecfatu res,ifth at'sg o o d w ay to p u ti,o rso m eo fth eso ld erig s,lik eth e
2 m ilo n p o u n d h o o k lo ad sm ean sth atm ay b ey o u d o n 'tb rin g atl3 w arm stack ed o rI

th in k it's3 o r2 o fth eo ld erig s,b u trah ersk ip o v eratso m ep o in tb ecau sey o u th in k m ay b eth e
lo n g ev ity facto ran d w an tin g to g etso m eo fth o se2 .5 m ilo n p o u n d n ew erig so u tan d -
so I'm talk in g ab o u th eP o seid o n an d M y k o n o sv ersu s-o ry ,th eM y k o n o san d
C o rco v ad o b ein g o b v io u sly th eo ld er-slig h tly lo w er-sp ecu n itsv ersu so m eth in g lik eth e
M y lo so rth eA p o lo th at'sco ld stack ed .Jerm y D .T h ig p en -T ran so cean L td .-P resid en t,C E O &
E x ecu tiv eD irecto rIt'sg o in g to b eco m p lety d riv en b y th ecu sto m er,so itw ilb eth ecu sto m eran d th e
ap p licato n .T h eram u ltip leap p licato n saro u n d th ew o rld th atd o n 'treq u ireth e2 .5 m ilo n
p o u n d h o o k lo ad .A n d so d ep en d in g o n w h erth ecu sto m erisan ctio n in g th e
p ro ject,w h erth atrig isg o in g to d ril,th ey m ay p refo n eo fth eco ld -stack ed aseth atm ay m eth eirap p licato n .S o it'l
ju stb ed riv en b y cu sto m erd em an d .O p erato rA n d o u rfin alq u estio n to d ay w ilco m efro m

V eb sV aish n av w ith C o w en an d C o m p an y .V aib h av D .V aish n av -C o w en an d

C o m p an y ,L L C ,R esarch D iv iso n -V P Ig u es,ju stread in g -itsem slik ey o u g u y saretlk in g
ab o u t2 to 3 rig sreactiv atio n p ery ear.Itso u n d ed lik ein earliy o u rco m m en tary ,Jerm y ,th aty o u ex p ect
so m eaw ard sin m o n th s,co u ld y o u ju st-Id o n 'tk n o w ify o u can p ro v id eso m em o re
co lo ro n w h aty o u ex p ecto v ern ex t3 to 6 m o n th s.Ito u n d slik eso m eo fth ew arm -stack ed rig s
o rm ay b eso m eo th erig sy o u alred y h av e-sw o rk ?Jerm y D .T h ig p en -T ran so cean L td .-P resid en t,
C E O & E x ecu tiv eD irecto rY es,Ith in k ,Im ean ,ju stg o in g b ack to o u rp rev io u sco m m en ts,b ased
o n ev ery th in g th atw e'rsin g in th em ark etan d th eco n v ersatio n sth atw e'rh av in g w ith m u ltip le
cu sto m ersao u n d th ew o rld ,w esu p co m in g d em an d fo ru ltra-d ep w atern d w e'v esn h ero v erth e
d o w n tu rn 1 2 T H O M S O N R E U T E R S S T R E E T E V E N T S |

w w w .strev en ts.co m |C o n tacU s© 2 0 1 8 T h o m so n R eu ters.A lrig h tsrev ed .R ep u b licato n o r

red istrb u tio n o fT h o m so n R eu tersco n ten t,in clu d in g b y fram in g o rsim ilarm ean s,ip ro h ib ited
w ith o u th ep rio rw riten co n sen to fT h o m so n R eu ters.'T h o m so n R eu ters'an d th e
T h o m so n R eu terslo g o areg isterd trad em ark so fT h o m so n R eu tersan d itsafled co m p an ies.
C lien tId :7 7 S E P T E M B E R 0 4 ,2 0 1 8 /1 2 :3 0 P M ,R IG -T ran so cean L td .
A n n o u n cesA g rem en to A cq u ireO cean R ig -o v erth eco u rseo fth ed o w n tu rn ,o u rcu sto m ers
h av eg ro w n to realy v alu ean d ap p reciath eficn cy o fth esn ew erh ig h er-sp ecifato n rig s,an d so o u r

ap p ro ach h erw asto ad d m o reo fth o seato o u rfletin p rep artio n fo rth isreco v ery .Wefu ly ex p ecto v erth e
co u rseo fth en ex tfew m o n th sto sem o reco n tracsw ard ed in th isp ace,g ain ram p in g u p ab itm o reasw eg et
in to '1 9 an d h o p efu ly lead in g to d ay ratep p reciato n asw em o v eth ro u g h n ex ty ear.
V aib h av D .V aish n av -C o w en an d C o m p an y ,L L C ,R esarch D iv iso n -V P O k ay .
A n d o n eju stq u ick q u estio n o n P aro s.Ican u n d erstan d R au d ean d E irk so n b ein g clasifed as
n o n co reig s.C o u ld y o u p ro v id ean y co lo ro n P aro s?I'm n o tsu reIg etiw h y itw o u ld
b en o taco reig .M ark -A n th o n y L o v elM ey -T ran so cean L td .-E x ecu tiv eV P & C F O
O k ay .S o ,V eb s,ify o u recalb ack ,th eP aro sw asp rev io u sly o w n ed b y aB raziln co n traco rcaled
S ch ah in .A n d S ch ah in w en tin to b an k ru p tcy ,Iw an to say it'salm o st6 y earsg o .T y p icaly ,
w h en aco m p an y g o in to b an k ru p tcy ,th ey aresh o rto fliq u id ity .A n d ify o u recalb ack to
th etim ew h en th isrg ch an g ed h an d s,w eactu aly in sp ectd th erig an d th elasty earo fo p eratio n ,th erig w asch -
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w ith o u th ep rio rw riten co n sen to fT h o m so n R eu ters.'T h o m so n R eu ters'an d th e
T h o m so n R eu terslo g o areg isterd trad em ark so fT h o m so n R eu tersan d itsafled co m p an ies.
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S T R E E T E V E N T S |w w w .strev en ts.co m |C o n tacU s© 2 0 1 8 T h o m so n R eu ters.

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fram in g o rsim ilarm ean s,ip ro h ib ited w ith o u th ep rio rw riten co n sen to fT h o m so n R eu ters.
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an d itsafled co m p an ies.D IS C L A IM E R T h o m so n R eu tersv esth erig h to m ak ech an g esto
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p erso n o fsu ch ch an g es.In th eco n fern cealsu p o n w h ich E v en tT ran scrip tsareb ased ,co m p an iesm ay
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lo o k in g staem en tsareb ased u p o n cu ren tex p ectaio n san d in v o lv erisk san d u n certain ties.A ctu alresu ltsm ay
d iferm aterily fro m th o setad in an y fo rw ard -lo o k in g staem en tb ased o n an u m b ero fim p o rtan tfaco rs
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resu ltsco n tem p lated in th efo rw ard -lo o k in g staem en tsw ilb eralizd .T H E IN F O R M A T IO N
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R E P R E S E N T A T IO N O F T H E A P P L IC A B L E C O M P A N Y 'S
C O N F E R E N C E C A L L A N D WH IL E E F F O R T S A R E M A D E
T O P R O V ID E A N A C C U R A T E T R A N S C R IP T IO N ,T H E R E
M A Y B E M A T E R IA L E R R O R S ,O M IS S IO N S ,O R

IN A C C U R A C IE S IN T H E R E P O R T IN G O F T H E S U B S T A N C E
O F T H E C O N F E R E N C E C A L L S .IN N O WA Y D O E S
T H O M S O N R E U T E R S O R T H E A P P L IC A B L E C O M P A N Y
A S S U M E A N Y R E S P O N S IB IL IT Y F O R A N Y IN V E S T M E N T
O R O T H E R D E C IS IO N S M A D E B A S E D U P O N T H E
IN F O R M A T IO N P R O V ID E D O N T H IS WE B S IT E O R IN A N Y
E V E N T T R A N S C R IP T .U S E R S A R E A D V IS E D T O R E V IE W
T H E A P P L IC A B L E C O M P A N Y 'S C O N F E R E N C E C A L L
IT S E L F A N D T H E A P P L IC A B L E C O M P A N Y 'S S E C F IL IN G S
B E F O R E M A K IN G A N Y IN V E S T M E N T O R O T H E R
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Additional Information and Where to Find It

This communication relates to the proposed merger pursuant to the terms of the Agreement and Plan of Merger, dated as of September 3,
2018, by and among Ocean Rig UDW Inc. (“Ocean Rig”), Transocean Ltd. (“Transocean”), Transocean Oceanus Holdings Limited and
Transocean Oceanus Limited. In connection with the proposed merger, Transocean expects to file a Registration Statement on Form S-4
with the SEC that will include a joint proxy statement of Transocean and Ocean Rig that also constitutes a prospectus of Transocean,
which joint proxy statement/prospectus will be mailed or otherwise disseminated to Transocean and Ocean Rig shareholders when it
becomes available. Transocean and Ocean Rig also plan to file other relevant documents with the U.S. Securities and Exchange
Commission (“SEC”) regarding the proposed merger.

INVESTORS AND SECURITYHOLDERS ARE URGED TO READ THE JOINT PROXY STATEMENT/PROSPECTUS AND OTHER
RELEVANT DOCUMENTS FILED WITH THE SEC IF AND WHEN THEY BECOME AVAILABLE IN THEIR ENTIRETY BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER. You may obtain a free copy of the joint proxy
statement/prospectus (if and when it becomes available) and other relevant documents filed by Transocean and Ocean Rig with the SEC at
the SEC’s website at: www.sec.gov. Copies of the documents filed by Transocean with the SEC will be available free of charge on
Transocean’s website at: http://www.deepwater.com or by emailing Transocean’s Investor Relations at: info@deepwater.com. Copies of
the documents filed by Ocean Rig with the SEC will be available free of charge on Ocean Rig’s website at: www.ocean-rig.com or by
emailing Ocean Rig’s Investor Relations at: oceanrig@capitallink.com.

This communication does not constitute an offer to buy, or the solicitation of an offer to sell, any securities, nor shall there be any sale of
securities in any jurisdiction in which such offer or sale would be unlawful prior to registration or qualification under the securities laws of
any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of the U.S.
Securities Act of 1933, as amended. This communication is not a substitute for any prospectus, proxy statement or any other document that
Transocean or Ocean Rig may file with the SEC in connection with the proposed Merger.

Certain Information Regarding Participants in the Solicitation

Transocean, Ocean Rig and their respective directors and executive officers and other members of management and employees may be
deemed to be participants in the solicitation of proxies in respect of the proposed Merger. Information regarding Transocean’s directors
and executive officers is set forth in the definitive proxy statement on Schedule 14A filed by Transocean with the SEC on March 20, 2018,
and in the Annual Report on Form 10-K filed by Transocean with the SEC on February 21, 2018. Information regarding Ocean Rig’s
directors and executive officers is set forth in the Annual Report on Form 20-F filed by Ocean Rig with the SEC on March 15, 2018.
Additional information regarding the participants in the solicitation of proxies in respect of the Transocean and Ocean Rig extraordinary
general meetings and a description of their direct and indirect interests, by security holdings or otherwise, will be included in the joint
proxy statement/prospectus and other relevant documents filed with the SEC if and when they become available. You may obtain free
copies of these documents from Transocean or Ocean Rig using the sources indicated above.

Cautionary Statement About Forward Looking Statements

The statements described in this document 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 "may," "will," "likely," "should," "expect," "anticipate," "future," "plan," "believe," "intend," "goal," "seek," "estimate,"
"project,” “continue” 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
Transocean 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 inability to complete the acquisition of
Ocean Rig in a timely manner or at all (whether as the result of the inability to obtain or delay in obtaining any required Transocean or
Ocean Rig shareholder approvals or any required regulatory approvals, or for any other reason); the imposition of any terms and conditions
on any required governmental and regulatory approvals that could reduce the anticipated benefits to Transocean of the acquisition; the
occurrence of any event, change or other circumstances that could give rise to the termination of the acquisition; the inability to
successfully integrate Ocean Rig’s operations with those of Transocean without unexpected cost or delay, the challenges of integrating
and retaining key employees; risks related to diversion of management time and attention from ongoing business operations due to the
acquisition; the inability of Transocean to achieve expected synergies from the acquisition or that it may take longer or be more costly
than expected to achieve those synergies; the effect of the announcement or completion of the acquisition on the ability of Transocean and
Ocean Rig to retain customers, retain or hire key personnel, maintain relationships with their respective suppliers and customers, and on
their operating results and businesses generally, the inability to achieve anticipated synergies from the merger in a timely manner or at all;
and other factors, including those and other risks discussed in the Transocean’s most recent Annual Report on Form 10-K for the year
ended December 31, 2017, Ocean Rig’s most recent Annual Report on Form 20-F, and in the Transocean's or Ocean Rig’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
Transocean 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.