Transocean Proxy Statement and 2010 Annual Report

AUDIT COMMITTEE REPORT
The Audit Committee has reviewed and discussed the audited financial statements of the Company
for the year ended December 31, 2010 with management, our internal auditors and Ernst & Young LLP. In
addition, the Committee has discussed with Ernst & Young LLP, the independent registered public
accounting firm for the Company, the matters required to be discussed by the Statement on Auditing
Standards No. 61, as amended (AICPA, Professional Standards, Vol. 1. AU section 380), as adopted by the
Public Company Accounting Oversight Board in Rule 3200T. The Sarbanes-Oxley Act of 2002 requires
certifications by the Company’s chief executive officer and chief financial officer in certain of the
Company’s filings with the Securities and Exchange Commission (SEC). The Committee discussed the
review of the Company’s reporting and internal controls undertaken in connection with these certifications
with the Company’s management and independent registered public accounting firm. The Committee also
reviewed and discussed with the Company’s management and independent registered public accounting
firm management’s report and Ernst & Young LLP’s report on internal control over financial reporting in
accordance with Section 404 of the Sarbanes-Oxley Act of 2002. The Audit Committee has further
periodically reviewed such other matters as it deemed appropriate, including other provisions of the
Sarbanes-Oxley Act of 2002 and rules adopted or proposed to be adopted by the SEC and the NYSE.
The Committee also has received the written disclosures and the letter from Ernst & Young LLP
regarding the auditor’s independence pursuant to the applicable requirements of the Public Company
Accounting Oversight Board Ethics and Independence Rule 3526, and it has reviewed, evaluated and
discussed the written disclosures with that firm and its independence from the Company. The Committee
also has discussed with management of the Company and the independent registered public accounting
firm such other matters and received such assurances from them as it deemed appropriate.
Based on the foregoing review and discussions and relying thereon, the Committee recommended to
the Company’s Board of Directors the inclusion of the Company’s audited financial statements for the year
ended December 31, 2010 in the Company’s Annual Report on Form 10-K for such year filed with the
SEC.
Members of the Audit Committee:
Thomas W. Cason, Chairman
Victor E. Grijalva
Ian C. Strachan
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