Transocean : Investor Presentation – January 2023

Transocean Ltd.

NYSE: RIG

JANUARY 2023

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 beyond our control, and many cases, cannot be predicted. As a result, actual results could differ materially from those indicated by 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 effects of the spread of and mitigation efforts by governments, businesses and individuals related to contagious illnesses, such as COVID-19, 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, 2021, 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 should underlying assumptions prove incorrect, actual results may vary materially from those indicated. All subsequent written and oral forward looking statements attributable to us 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. We expressly disclaim any obligations or undertaking to release publicly any updates or revisions to any forward looking statement to reflect any change in our expectations or beliefs with regard to the statement or any change in events, conditions or circumstances on which any forward looking statement is based, except as 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 THE ENERGY EXPANSION

• Hydrocarbons will remain a primary source of energy for the foreseeable future
• • Access to affordable, reliable, and secure energy sources is essential to global economic growth and prosperity
  • The total energy market share of oil and natural gas will continue to slowly decline; but volumetric demand will increase with global population growth and attendant economic development
• Some of the largest reserves of hydrocarbons are found offshore in deep water and harsh environments, necessitating specialized equipment, technology and expertise
• • The production economics of these reserves are highly competitive - and in may cases superior - to those found onshore
  • Carbon intensity of offshore hydrocarbons is also frequently lower than those found onshore
• An investment in Transocean provides unique - and profitable - exposure to the "energy expansion"
• • Owns and operates a young, high-specification fleet of floating drilling rigs
  • • Twelve high-quality stacked rigs imply considerable revenue and earnings growth potential
  • Considerable cash flow generating potential as dayrates and contract term 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 cash flow to equity

3

MARKET SHARE IS A MISLEADING INDICATOR

Percentage of Energy Supply

50%

45%

40%

35%

31,0 %

30%

26,9 %

25%

24,4 %

20%

15%

10%

											6,7 %
5%											4,3 %
0%
1965	1970	1975	1980	1985	1990	1995	2000	2005	2010	2015	2020
	Oil	Gas		Coal	Nuclear		Hydro		Renewables

Oil market share versus barrels consumed

50%

45%

40%

35%

30%
OPEC's Barkindo in November 2021:
25%	"Oil will still account for 28% of the
energy demand in 2045, with a very
	important difference: the volume of
	demand in the world will be higher"

20%

1965 1970 1975 1980 1985 1990 1995 2000 2005 2010 2015 2020

Oil's market share		Barrels consumed

110

100

90
80	million
barrels per
70
	day
60	consumed
50
40
30

Source: Fearnleys Energy Market Perspectives, August 2022	4

ENERGY DEMAND GROWTH EXPECTED TO CONTINUE
															Population
Energy Consumption, key regions			Wealth vs Population growth effect….index 100 = 1965
	160			260	3.71		4.46		5.33		6.14		6.96		7.87
		China
	140			240
	120			220
	100		U.S.	200								2050 UN		2100 UN
Exajoules				180									forecast		forecast
80											9.7		10.9
	Other	EU+	160									billion		billion
	60	Asia
	40		India	140
	20			120
			Japan	100
	0			1965	1970	1975	1980	1985	1990	1995	2000	2005	2010	2015	2020
	1965 1967 1969 1971 1973 1975 1977 1979 1981 1983 1985 1987 1989 1991 1993 1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 2021		Energy consumption, overall		Consumption Per Capita
	Source: Fearnleys Energy Market Perspectives, August 2022														5