Dear Co-workers:

I want to welcome our new colleagues from Aker Drilling who are reading Beacon for the first time. The story on page 10 about our new Norway Division reflects our excitement about the addition of everyone associated with the Transocean Barents and the Transocean Spitsbergen and the two newbuild ultra-deepwater drillships under construction in Korea.

In this edition of Beacon, we are also sharing the celebrations on pages 8 and 13 from the opening of our new offices and training center in Kuala Lumpur (KL), Malaysia, and the naming ceremony for the high-specification jackup Transocean Honor in Singapore. It was a pleasure to attend both events.

The grand opening of the KL facilities included Dato’ Wee Yiaw Hin, the Executive Vice President of Exploration and Production and other leaders from PETRONAS, Kaustubh Dighe, Managing Director of our Far East and Australia Division, along with many other distinguished guests. Clearly, this was another key step in the journey to being our customers’ trusted partner and further demonstrating our commitment to developing our people.

And last but certainly not least, our latest FIRST Excellence Award recipients are featured in this edition starting on page 16. I am especially proud of how these individuals are living out our vision and core values. We began the year by launching a new vision for our company, and our First Excellence Award recipients reflect the passion and commitment required for achieving all of our goals, especially an incident-free workplace.

As we finish 2011 and prepare for 2012, I encourage you to be passionate and committed in our pursuit of excellence. We have the people, the systems and the processes for success.

Let’s go there, together.

Steven Newman

President and CEO