Transocean Proxy Statement and 2010 Annual Report

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Annex 1 Subsidiaries of Transocean Ltd. as of December 31, 2010 Name Jurisdiction Registered Office Share Capital Interest 15375 Memorial Corporation Delaware Wilmington USD 1,000 100.00% Aguas Profundas, Limitada Angola Luanda USD 100,200 100.00% Angola Deepwater Drilling Company (Offshore Services) Ltd. Cayman Islands George Town USD 0.01 65.00% Angola Deepwater Drilling Company (Operations) Ltd Cayman Islands George Town USD 0.01 65.00% Angola Deepwater Drilling Company Ltd Cayman Islands George Town USD 1.00 65.00% AngoSantaFe - Prestacao de Servicos Petroliferos, Limitada Angola Luanda AOA 17,220,000 49.00% Applied Drilling Technology Inc. Texas Dallas USD 1,000 100.00% Arcade Drilling AS Norway Stavanger NOK 216,065,250 100.00% Ashgrove Carriers Ltd. Liberia Montserrado USD 100 50.00% Asie Sonat Offshore Sdn Bhd Malaysia Kuala Lumpur MYR 100,000 49.00% Blegra Asset Holdings Limited Cyprus Limassol CYP 1,000 100.00% Blegra Asset Management Limited Cyprus Limassol CYP 1,000 100.00% Blegra Financing Limited Cyprus Limassol CYP 1,000 100.00% Blegra Holdings Limited Cyprus Limassol CYP 1,000 100.00% Campeche Drilling Services Inc. Delaware Wilmington USD 1,000 100.00% Challenger Minerals (Accra) Inc. Cayman Islands Grand Cayman USD 1,000 100.00% Challenger Minerals (Celtic Sea) Limited British Virgin Islands Tortola USD 1.00 100.00% Challenger Minerals (Ghana) Limited Ghana North Labone GHC 57,500 100.00% Challenger Minerals (Nigeria) Limited Nigeria Lagos NGN 10,000,000 100.00% Challenger Minerals (North Sea) Limited Scotland Aberdeen GBP 3,870,351 100.00% Challenger Minerals Inc. California Los Angeles USD 5,101,000 100.00% Cliffs Drilling do Brasil Servicos de Petroleo S/C Ltda. Brazil Macae BRL 208,669 100.00% Covent Garden - Servicos e Marketing, Sociedade Unipessoal Lda Portugal Madeira EUR 208,524,320.20 100.00% Deepwater Drilling II L.L.C. Delaware Wilmington - No shares issued 100.00% Deepwater Drilling L.L.C. Delaware Wilmington - No shares issued 100.00% Deepwater Pacific 1 Inc. British Virgin Islands Tortola USD 500 50.00% Deepwater Pacific 2 Inc. British Virgin Islands Tortola USD 500 50.00% Eaton Industries of Houston, Inc. Texas Dallas USD 419 100.00% Elder Trading Co. Liberia Montserrado USD 100 50.00% Entities Holdings, Inc. Delaware Wilmington USD 10,000 100.00% Falcon Atlantic Ltd. Cayman Islands Grand Cayman USD 100 100.00% Fortress Energy Services LLC Oman Muttrah OMR 250,000 49.00% Global Dolphin Drilling Company Limited India Mumbai INR 500,000 40.00% Global Marine Inc. Delaware Wilmington USD 10 100.00% Global Mining Resources, Inc. Philippines Makati PHP 50,012 40.00% Global Offshore Drilling Limited Nigeria Lagos NGN 500,000 100.00% GlobalSantaFe (Africa) Inc. Cayman Islands Grand Cayman USD 1,000 100.00% GlobalSantaFe (Labuan) Inc. Malaysia Jalan Kemajuan USD 1 100.00% GlobalSantaFe (Norge) AS Norway Sandnes NOK 100,000 100.00% GlobalSantaFe Arctic Ltd. Nova Scotia Halifax USD 18,633 100.00% GlobalSantaFe B.V. Netherlands Amsterdam EUR 18,200 100.00% GlobalSantaFe Beaufort Sea Inc. Delaware Wilmington USD 1,000 100.00% GlobalSantaFe C.R. Luigs Limited England London GBP 1,000 100.00% GlobalSantaFe Campeche Holdings LLC Delaware Wilmington USD 1,000 100.00% GlobalSantaFe Caribbean Inc. California Los Angeles USD 25,000 100.00% CG-22
Name Jurisdiction Registered Office Share Capital Interest GlobalSantaFe Communications, Inc. Delaware Wilmington USD 1,000 100.00% GlobalSantaFe Corporate Services Inc. Delaware Wilmington USD 1,000 100.00% GlobalSantaFe de Venezuela Inc. Delaware Wilmington USD 10,000 100.00% GlobalSantaFe Deepwater Drilling LLC Delaware Wilmington USD 1,000 100.00% GlobalSantaFe Denmark Holdings ApS Denmark Copenhagen DKK 125,000 100.00% GlobalSantaFe Development Inc. California Los Angeles USD 1,000 100.00% GlobalSantaFe do Brasil Ltda. Brazil Rio de Janeiro BRL 6,356,380 100.00% GlobalSantaFe Drilling (N.A.) N.V. Netherlands Antilles Curacao USD 6,452 100.00% GlobalSantaFe Drilling (South Atlantic) Inc. British Virgin Islands Tortola USD 25,001 100.00% GlobalSantaFe Drilling Company Delaware Wilmington USD 100 100.00% GlobalSantaFe Drilling Company (Canada) Limited Nova Scotia Halifax CAD 10,000 100.00% GlobalSantaFe Drilling Company (North Sea) Limited England London GBP 200 100.00% GlobalSantaFe Drilling Company (Overseas) Limited England London GBP 100 100.00% GlobalSantaFe Drilling Mexico, S. de R.L. de C.V. Mexico Mexico City MXN 3,000 100.00% GlobalSantaFe Drilling Operations Inc. Cayman Islands Grand Cayman USD 1,006 100.00% GlobalSantaFe Drilling Services (North Sea) Limited England London GBP 100 100.00% GlobalSantaFe Drilling Trinidad LLC Delaware Wilmington USD 1,000 100.00% GlobalSantaFe Drilling Venezuela, C.A. Venezuela Caracas VEB 12,230,000,000 100.00% GlobalSantaFe Financial Services (Luxembourg) S.a.r.l. Luxembourg Munsbach USD 17,962,000 100.00% GlobalSantaFe GOM Services Inc. British Virgin Islands Tortola USD 1,000 100.00% GlobalSantaFe Group Financing Limited Liability Company Hungary Budapest USD 15,000 100.00% GlobalSantaFe Holding Company (North Sea) Limited England London GBP 300 100.00% GlobalSantaFe Hungary Services Limited Liability Company Hungary Budapest USD 96,000 100.00% GlobalSantaFe International Drilling Corporation Bahamas Nassau USD 154 100.00% GlobalSantaFe International Drilling Inc. British Virgin Islands Tortola USD 11 100.00% GlobalSantaFe International Services Inc. Panama Panama City USD 439,200 100.00% GlobalSantaFe Leasing Corporation Bahamas Nassau USD 10 100.00% GlobalSantaFe Leasing Limited British Virgin Islands Tortola USD 1 100.00% GlobalSantaFe Mexico Holdings LLC Delaware Wilmington USD 1,000 100.00% GlobalSantaFe Nederland B.V. Netherlands Amsterdam EUR 19,000 100.00% GlobalSantaFe Offshore Services Inc. Cayman Islands Grand Cayman USD 1,000 100.00% GlobalSantaFe Operations (Australia) Pty Ltd Australia Lane Cove AUD 1 100.00% GlobalSantaFe Operations (BVI) Inc. British Virgin Islands Tortola USD 31 100.00% GlobalSantaFe Operations (Mexico) LLC Delaware Wilmington USD 1,000 100.00% GlobalSantaFe Operations Inc. Cayman Islands Grand Cayman USD 16.53 100.00% GlobalSantaFe Overseas Limited Bahamas Nassau USD 10 100.00% GlobalSantaFe Saudi Arabia Ltd. British Virgin Islands Tortola USD 1 100.00% GlobalSantaFe Services (BVI) Inc. British Virgin Islands Tortola USD 477 100.00% GlobalSantaFe Services (Egypt) LLC Egypt Alexandria USD 1,000,000 100.00% GlobalSantaFe Services Netherlands B.V. Netherlands Amsterdam EUR 30,800 100.00% GlobalSantaFe Servicios de Venezuela, C.A. Venezuela Caracas VEB 95,759,000 100.00% GlobalSantaFe South America LLC Delaware Wilmington USD 1,000 100.00% GlobalSantaFe Southeast Asia Drilling Pte. Ltd. Singapore Singapore USD 1 100.00% GlobalSantaFe Tampico, S. de R.L. de C.V. Mexico Mexico City MXN 3,000 100.00% GlobalSantaFe Technical Services Egypt LLC Egypt Cairo EGP 250,000 100.00% GlobalSantaFe Techserv (North Sea) Limited England London GBP 100 100.00% GlobalSantaFe U.S. Drilling Inc. Delaware Wilmington USD 1,000 100.00% GlobalSantaFe U.S. Holdings Inc. Delaware Wilmington USD 1 100.00% GlobalSantaFe West Africa Drilling Limited Bahamas Nassau USD 333,500,010 100.00% GSF Caymans Holdings Inc. Cayman Islands Grand Cayman USD 10 100.00% GSF Leasing Services GmbH Switzerland Steinhausen CHF 962,670,000 100.00% CG-23
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Transocean Proxy Statement and 2010
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2010 LETTER TO THE SHAREHOLDERS We
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In addition to a focus on meeting o
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Agenda Items INVITATION TO ANNUAL G
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(9) Election of Three New Directors
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We may accept a proxy by any form o
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PROXY STATEMENT FOR ANNUAL GENERAL
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of the dividend reserve from capita
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You may revoke your proxy card at a
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AGENDA ITEM 2. Discharge of the Mem
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AGENDA ITEM 4. Reallocation of Free
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AGENDA ITEM 6. Conditional Agenda I
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Proposal of the Board of Directors
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AGENDA ITEM 8. Reduction of the Max
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Nominees for Director—Class III
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November 2007. Since August 2008, M
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The Board of Directors has conclude
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e disclosed and not whether a parti
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Submit nominations to our Corporate
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The Executive Compensation Committe
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Committee is ‘‘financially lite
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AUDIT COMMITTEE REPORT The Audit Co
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SECURITY OWNERSHIP OF DIRECTORS AND
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As a direct consequence of the Maco
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Executive Compensation Program—Gu
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$100,000. Accordingly, neither Long
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Element Targeted Position Comments
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In February 2010, the Committee rev
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Safety Performance. Our business in
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Timing of the system roll out compr
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total target value for stock option
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Executive Compensation Program—He
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Perquisites and Other Personal Bene
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• a cash severance benefit equal
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Summary Compensation Table EXECUTIV
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(17) In 2010, Mr. Toma’s base pay
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Outstanding Equity Awards at Fiscal
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Option Exercises and Shares Vested
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offset to allow for the fact that h
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Contributions are based on a partic
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(3) The terms and conditions of the
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(1) Based on the target (100%) payo
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Mr. Newman Mr. Rosa Mr. Brown Mr. B
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AGENDA ITEM 10 Appointment of Ernst
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Proposal AGENDA ITEM 11. Advisory V
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OTHER MATTERS Compensation Committe
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Annexes P-81
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(2) Shareholders may, upon the term
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3 Der Verwaltungsrat ist ermächtig
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Annex C Amended Article 22 of the A
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TRANSOCEAN LTD. AND SUBSIDIARIES IN
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Item 1. Business PART I Overview Tr
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Jackup rigs are mobile self-elevati
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Midwater Floaters The following tab
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Markets Our operations are geograph
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Integrated Services From time to ti
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Item 1A. Risk Factors Risks related
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Our business depends on the level o
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events” above. Our inability to r
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The application of the Working Time
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We are subject to litigation that,
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these tests, “passive income” i
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Item 2. Properties The description
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LDEQ would not rescind the enforcem
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Patent litigation—In 2007, severa
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Executive Officers of the Registran
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PART II Item 5. Market for Registra
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the “virtual second trading line
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Item 6. Selected Financial Data The
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payment of $453 million. In connect
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Midwater Floaters—For our Midwate
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Fleet average daily revenue—The f
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services operations and (d) approxi
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Depreciation, depletion and amortiz
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AR-49 Years ended December 31, 2010
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During the year ended December 31,
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applicable margin, ranging from 3.1
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Contractual obligations—As of Dec
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Plan assets—We review our investm
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Ports and Waterways Safety Act, the
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such U.S. business. In November 200
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Related Party Transactions Pacific
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and the long-term impact of those u
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in partial exposure to foreign exch
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REPORT OF INDEPENDENT REGISTERED PU
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To the General Meeting of Transocea
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TRANSOCEAN LTD. AND SUBSIDIARIES CO
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TRANSOCEAN LTD. AND SUBSIDIARIES CO
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TRANSOCEAN LTD. AND SUBSIDIARIES NO
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Note 13—Postemployment Benefit Pl
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PART III Item 10. Directors, Execut
Page 227 and 228: (3) Exhibits The following exhibits
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Page 233 and 234: SIGNATURES Pursuant to the requirem
Page 235: TRANSOCEAN LTD. STATUTORY FINANCIAL
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Page 240 and 241: Note 1—General TRANSOCEAN LTD. NO
Page 242 and 243: TRANSOCEAN LTD. NOTES TO STATUTORY
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Page 250 and 251: As of December 31, 2009 Name TRANSO
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Page 256 and 257: provided, however, that: TRANSOCEAN
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Page 270 and 271: Long-Term Incentive Plan The annual
Page 272 and 273: Pension Benefits for Fiscal Year 20
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Page 287 and 288: Board Of Directors Robert E. Rose C
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