Dear Co-workers:

I always enjoy hearing from our customers when our rig crews do a great job because it helps reinforce our Vision of being our customers’ trusted partner and preferred solution provider. We have received many customer letters over the years, and their most recent insights, as well as those of our team members about delivering outstanding value, are covered in this edition’s feature story, beginning on page 15.

One reason customers rely on Transocean is our training program. The article on page 20 about the opening of our world-class training center in Macaé, Brazil, demonstrates our commitment to developing people. The Macaé Training Center is one of four we have strategically placed around the globe to meet the advanced technology training needs of our people. It is also exciting that Transocean is the only offshore drilling contractor to receive global approval and accreditation from OPITO for our Competency Management System. This worldwide standard, widely used by our customers, demonstrates that we have a robust assurance process in place for our offshore operations.

Another reason customers turn to Transocean is you—our employees. I am convinced we have the most passionate and committed workers in our industry. That was confirmed by our first Employee Engagement Survey conducted last August. As you can see in the chart below, Transocean overall is more favorable in key survey categories versus global oil and gas companies. A more detailed look at the survey highlights can be found on page 22. Through the survey, we discovered we’re on the right track with many of our programs and initiatives. We also discovered areas we need to work on, and action plans for these areas are currently being rolled out across the company.

Thank you for providing the services that customers take the time to write about and thank you for your passion and commitment to make Transocean the best it can be.

Steven Newman

President and CEO