Transocean : Investor Presentation – May 2024

Transocean Ltd.

NYSE: RIG

May 2024

LEGAL DISCLAIMER

Forward-Looking Statements

The statements described herein 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 could contain words such as "possible," "intend," "will," "if," "expect," 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 company's newbuild deliveries, operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the fluctuation of current and future prices of oil and gas, the global and regional supply and demand for oil and gas, the intention to scrap certain drilling rigs, the success of our business following prior acquisitions, the effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, and other factors, including those and other risks discussed in the company's most recent Annual Report on Form 10-K for the year ended December 31, 2023, and in the company'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 the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. All subsequent written and oral forward-looking statements attributable to the company 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. All non-GAAP financial measure reconciliations to the most comparative GAAP measure are displayed in quantitative schedules on the company's website at: www.deepwater.com..

This presentation, or referenced documents, do not constitute an offer to sell, or a solicitation of an offer to buy, any securities, and do not constitute an offering prospectus within the meaning of the Swiss Financial Services Act ("FinSA") or advertising within the meaning of the FinSA. Investors must rely on their own evaluation of Transocean and its securities, including the merits and risks involved. Nothing contained herein is, or shall be relied on as, a promise or representation as to the future performance of Transocean.

2

INVESTMENT THESIS

ATTRACTIVE EXPOSURE TO GLOBAL OFFSHORE DRILLING INDUSTRY

Hydrocarbon

Demand

• Access to affordable, reliable, and secure energy sources is essential to global economic growth and prosperity
• Volumetric demand for hydrocarbons will increase with global population growth and attendant economic development even in the context of a slow decline in the total energy market share of oil and natural gas

Favorable Market Dynamics

• Increasing focus by our customers on their offshore assets
• Constructive rig supply and demand supports continued dayrate accretion, with leading edge ultra-deepwater dayrates exceeding $500k/d

Portfolio of

Premier Assets

• Owns and operates a young, high-specification fleet of floating drilling rigs - typically demanding the highest dayrates in an upcycle and highest utilization throughout the entire cycle
• Eleven high-quality stacked rigs imply considerable revenue and earnings growth potential

Value Creation

• Considerable cash flow generating potential as dayrates and contract terms continue to improve
• All else being equal, share price appreciation will result from continued drilling market improvement and as the Company executes its plan to improve its balance sheet and maximize free cash flow to equity

3

INVESTMENT IN DEEPWATER MAKES ECONOMIC SENSE

Benchmarking Key Sources of New Oil Supply

80

70

60

50

40

30

20

10

0

Average Breakeven Brent Price

Average payback time @$70/bbl

Average IRR @$70/bbl

Average CO2 Intensity*

($/Bbl)

(Years)

(%)

(KG/BOE)

Offshore Deepwater

Offshore Shelf

Oil Sands

Tight Oil

Other Onshore Non OPEC

Other Onshore OPEC

* Includes Full Lifecycle Upstream Emissions

Source: Rystad Energy - Is offshore oil and gas back for good, October 2023

4

STRONG GROWTH OUTLOOK WITH LOW OIL PRICE SENSITIVITY

Global floater demand by work type

Rig years

160																						154	156
																			150
140																		140					30
		127												126				33	32
120		119										118					38					7
																			7
				107	106	110							9
																	20
			42																		20
100		31								30			44		6	17
				32	34	33
					4					17
80		8
	8												5
							6	21
		17			7					11
				5
		19
						13
60			12	10
														91	95	100
40
	63	57	56	56	57	64			66		79
20
0
2018	2019	2020	2021	2022	2023			2024	2025	2026	2027	2028
				•	Development and Infill Drilling	•	P&A
				•	Workover/Intervention					•	Exploration

Global floater demand by work type

Rig years

+6%*

160

140

120

100

80

60

40

20

0

2018	2019	2020	2021	2022	2023	2024	2025	2026	2027	2028
								*CAGR from 2024 to 2028
•	Historical/Producing			•	Below $40 per barrel
•	Under development (sanctioned)	• $40 to $60 per barrel
•	Firm exploration (commitments)	•	Above $60 per barrel

Source: Rystad Energy: Offshore Rig Report April 2024

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OUR LEADERSHIP POSITION

37 Floaters1 - 100% UDW & HE

Unmatched UDW & HE Experience

High Quality Stacked Fleet

Provides Organic Growth Potential

$8.9 Billion in Backlog2

Liquidity of $1.3 Billion3

1. Includes Transocean Norge (33% JV ownership interest) and Deepwater Aquila (under construction)
2. As of April 17, 2024

3.	Liquidity as of March 31, 2024	6

TRANSOCEAN'S STRATEGY

DELIVER SAFE,	DELEVERAGE	INNOVATE AND
RELIABLE, &	THE BALANCE	INTRODUCE NEW
EFFICIENT	SHEET	TECHNOLOGY
OPERATIONS

7

FLEET TRANSFORMATION SINCE 2014

January 2014

May 2024*

15

34

~45%	100%
UDW & HE	UDW & HE
41	37
Average Age Floaters	Average Age Floaters
~21 years	~12 years

UDW & HE Floaters

Mid / Deep Water

HS Jackups

79 Divestitures

15 Ultra-	49	15
Deepwater	Deepwater/	Jackups
	Midwater

Value-Added Enhancements

Songa	Transocean	Deepwater
Offshore	Norge	Atlas

Ocean	Deepwater	Deepwater
Rig	Titan	Aquila

* Includes Transocean Norge (33% JV ownership interest) and Deepwater Aquila (under construction)

8

TRANSOCEAN OWNS THE HIGHEST SPECIFICATION FLEET
			Global	Transocean
			Utilization Ownership
High Spec	7	17	100%	29%
HE Semi
1700 ST	2		100%	100%
1400 ST1	8	3	100%	73%
Up to 1250 ST	8	56	>95%	13%
Stacked2	8	9	N/A	47%
	Transocean	Peers
1. Includes dual activity, globally marketed assets
2. Includes "stranded" and recently delivered uncontracted newbuilds			9

INVESTING IN A PROSPEROUS FUTURE

DIGITAL TRANSFORMATION

We have continuously invested in the digitization of our operational procedures and activities, transforming Transocean and the industry

SEA

Control of Work

OPS

Worksight

DARIC

INTELLIGENT TECHNOLOGIES

New technology extends our ability to consistently deliver safe, reliable, and increasingly efficient operational performance

Riser Robotics

InteliWell®

HaloGuardTM

K-BOS

EC-Monitor

OFFSHORE ENERGY SERVICES

Developing energy solutions and exploring diverse offshore drilling-adjacent technologies and services to address the needs of the energy expansion

Offshore Drilling

Carbon Capture Deepsea Minerals

Offshore Wind

10