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Case Status:    DISMISSED    
On or around 03/20/2012 (Date of order of final judgment)

Filing Date: May 13, 2010

Transocean Ltd. is an American offshore drilling contractor that owns and/or operate approximately 140 mobile offshore drilling units.

According to a press release dated May 13, 2010, the Complaint charges Transocean and its Chief Executive Officer with violations of the Securities Exchange Act of 1934 in connection with the dissemination of false and misleading statements about the Company’s deficient safety protocols, recurring blowout preventer (“BOP”) problems, and its operating and safety record.

The Complaint alleges that in the last ten years, the Defendants have been apprised of the serious hazards associated with Transocean’s use of certain BOPs on ultra-deepwater drilling engagements. Despite these warnings and Defendants’ knowledge that a BOP failure would likely result in scores of fatalities and millions of gallons of oil being released into the surrounding waters, Defendants opted to conceal their knowledge of these known hazards while making false and misleading statements throughout 2009 and into 2010.

On April 20, 2010, an explosion on Transocean’s semi-submersible drilling rig Deepwater Horizon (“Horizon”) caused a fire which resulted in the sinking of the Horizon. Eleven crew members lost their lives and seventeen others were injured. Additionally, the subsequent failure of Horizon’s safety mechanisms, including the BOP, led to a massive oil spill which covers an estimated surface area of at least 2,500 square miles. As the truth about the full extent of the disaster was absorbed by the market over the two weeks following the explosion and oil spill, Transocean shares fell $25.69 per share, closing at $66.34 per share on May 10, 2010.

Several class actions have been filed in the U.S. District Courts for the Eastern District of Louisiana, the Southern District of New York, and the Southern District of Texas.

On September 3, 2010, pursuant to Fed. R. Civ. P. 41(a)(1), the Plaintiffs in the first filed Complaint voluntarily dismissed the Complaint against the Defendants without prejudice. The case continued in the Southern District of New York, Foley, et al. v. Transocean Ltd., et al., case number 10-CV-05233. Motions for appointment of lead laPintiff have been filed. A motion to transfer the action to the Southern District of Texas was filed on December 14, 2010.

On January 4, 2011, Judge Naomi Reice Buchwald appointed Danica Pension as lead Plaintiff, and approved its selection of lead and liaison Counsel. Danica has selected Barroway Topaz Kessler Meltzer & Check, LLP as its lead Counsel and Bernstein Litowitz Berger & Grossman LLP as its liaison Counsel. On March 18, 2011, the Plaintiffs filed a Consolidated Class Action Complaint, adding an individual as named Defendant in the action.

On March 20, 2012, the Court entered an order granting the Defendants' motion to dismiss.

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