8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported): March 25, 2009 (March 23, 2009)

TRANSOCEAN LTD.

(Exact name of registrant as specified in its charter)

Switzerland	000-53533	98-0599916
(State or other jurisdiction of incorporation or organization)	(Commission File Number)	(I.R.S. Employer Identification No.)

Blandonnet International Business Center Building F, 7th Floor Chemin de Blandonnet 2 Vernier, Switzerland	CH-1214
(Address of principal executive offices)	(zip code)

Registrant’s telephone number, including area code:  +41 (22) 930-9000

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

ITEM 7.01. REGULATION FD DISCLOSURE

On March 23, 2009, Robert L. Long, Chief Executive Officer of Transocean Ltd. (the “Company”), presented the information furnished in Exhibit 99.1 to this report to participants of the Howard Weil Energy Conference in New Orleans, Louisiana. Exhibit 99.1 is incorporated in this Item 7.01 by reference.

The information furnished pursuant to Item 7.01 of this report, including Exhibit 99.1, shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, nor will it be incorporated by reference into any registration statement filed by Transocean Ltd. under the Securities Act of 1933, as amended, unless specifically identified therein as being incorporated therein by reference. The furnishing of the information in this report is not intended to, and does not, constitute a determination or admission by Transocean Ltd. that the information in this report is material or complete, or that investors should consider this information before making an investment decision with respect to any security of Transocean Ltd.

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

The following exhibit is furnished pursuant to Item 7.01:

Exhibit Number	Description
99.1	Howard Weil Conference Information

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	TRANSOCEAN LTD.
Date: March 25, 2009	By	/s/ Chipman Earle
		Chipman Earle
		Associate General Counsel and Corporate Secretary

Index to Exhibits

Exhibit Number	Description
99.1	Howard Weil Conference Information

EX-99.1

Bob Long, Chief Executive Officer

37

th

Annual Howard Weil Energy Conference

March 23, 2009

New Orleans

Exhibit 99.1

2

Forward Looking Statement

The statements described in this presentation that are not historical facts are forward-looking statements within

the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of

1934. Forward-looking statements which could be made include, but are not limited to, statements involving

prospects for the company, expected revenues, capital expenditures, costs and results of operations, synergies,

market outlook, revenue backlog for the company and other drillers, contract opportunities and commitments,

operational performance,

rig

demand,

rig

capacity,

dayrates,

rig

reactivations,

rig

upgrades,

newbuild

and

acquisition opportunities, uses of excess cash, fleet marketing efforts, rig mobilizations and planned shipyard

programs.  Such statements are subject to numerous risks, uncertainties and assumptions, including but not

limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development,

exploration success

by

producers,

oil

and

gas

prices,

rig

demand

and

capacity,

drilling

industry

market

conditions, possible delays or cancellation of drilling contracts, work stoppages, operational or other downtime,

the company's ability to enter into and the terms of future contracts, the availability of qualified personnel, labor

relations, future financial results, operating hazards, political and other uncertainties inherent in non-U.S.

operations (including exchange and currency fluctuations), war, terrorism, natural disaster and cancellation or

unavailability of

insurance

coverage,

the

impact

of

governmental

laws

and

regulations,

the

adequacy

of

sources

of liquidity, the effect of litigation and contingencies and other factors discussed in the company's most recent

Form 10-K for the year ended December 31, 2008 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 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.  All non-GAAP financial measure reconciliations to the most

comparative GAAP

measure

are

displayed

in

quantitative

schedules

on

the

company’s

web

site

at

www.deepwater.com.

3

Unique Contract Driller

World’s largest offshore drilling company

Diversified revenue sources

Substantial contract revenue backlog

Positioned to Outperform

World’s largest deepwater fleet

Positive outlook for deepwater market

Key Investment Highlights

4

142 rigs

(1)

–

presence in every major offshore market

21,600 people

Unmatched operating experience

Outstanding technical resources

Unique resources in well planning and completions

Leading Offshore Drilling Contractor

5

Largest

Worldwide

Rig

Fleet

(1)

39

28

65

10

10

3

42

5

43

7

11

20

14

8

6

27

4

10

1

8

14

0

20

40

60

80

100

120

140

RIG

NE

ESV

DO

PDE

SDRL

High-Spec Floaters

Midwater Floaters

Jackups

Newbuilds

142

60

(2)

51

45

45

33

6

Diversified Revenue Sources

36%

23%

28%

5%

2%

6%

High Spec

Midwater

Jackups

ADTI & CMI

Contract Intangible

Other

42%

31%

27%

Integrated

NOC

Independent

By Asset Class

By Customer

Full Year 2008 -

$12.7 billion

7

9.7

8.9

6.8

4.7

8.6

0.0

2.0

4.0

6.0

8.0

10.0

(US$ Billions)

2009

Remaining

2010

2011

2012

2013-20

Strong Backlog Creates Visibility

Total Contract Revenue Backlog -

$38.7 billion

(3)

8

Contract

Backlog

Supported

by

Investment

Grade

Clients

(4)

61%

33%

6%

A Rated

Other Investment Grade

Non-Investment Grade and Unrated

Total Contract Revenue Backlog = $38.7 Billion

(3)

9

Substantial Financial Flexibility

From

Free

Cash

Flow

Backlog

(5)

0.4

2.7

4.2

4.2

2.5

3.9

2.3

2.8

0.9

2.1

1.5

1.9

2.0

0

1

2

3

4

5

(US$ Billions)

2009

Remaining

2010

2011

2012

2013

2014-2019

2020-2038

Scheduled Debt Maturities

Free Cash Flow Backlog

Total Free Cash Backlog Exceeds Total Debt By $3.8 billion

10

RIG’s

Ultra-Deepwater

Rig

Days

to

Increase

56%

by

2011

(6)

6,570

6,570

1,080

6,570

2,850

6,570

3,650

0

2,000

4,000

6,000

8,000

10,000

12,000

2008

2009

2010

2011

Existing Availability

Newbuild Availability

7,650

9,420

10,220

6,570

11

Positive Long Term Deepwater Outlook

Near Term

Limited availability of deepwater capacity until 2011

Strong recent fixtures

Vantage/Petrobras eight-year contract

Dryships/Petrobras

three-year

contract

Uncertainty in the markets is preventing near term commitments by operators

Decreased urgency to sign forward start contracts

Long Term

Expect stronger deepwater rig demand than previously anticipated

Industry fundamentals will remain strong

12

RIG Has Limited Deepwater Availability

(7)

RIG Deepwater Floater Fleet -

46 Rigs

(8)

Water Depth > 4,500 ft

2009

98%

2%

2010

89%

11%

Committed

Uncommitted

12

2011

68%

32%

13

Global

Deepwater

Availability

Remains

Limited

(9)

0

20

40

60

80

100

120

140

160

180

200

Q1-09

Q2-09

Q3-09

Q4-09

Q1-10

Q2-10

Q3-10

Q4-10

Q1-11

Q2-11

Q3-11

Q4-11

Q1-12

Q2-12

Q3-12

Q4-12

Contracted Rigs

Uncontracted Existing Rigs

Uncontracted Newbuilds

14

Most Deepwater Newbuilds are Contracted

(10)

86

26 Uncontracted

Deepwater Newbuilds

0

2

4

6

8

10

12

Q1-

09

Q2-

09

Q3-

09

Q4-

09

Q1-10

Q2-10

Q3-10

Q4-10

Q1-11

Q2-11

Q3-11

Q4-11

Q1-12

Q2-12

Q3-12

0

15

30

45

60

75

90

105

Contracted Floaters

Uncontracted

Floaters

Floater Running Total

15

Positive Long Term Midwater Outlook

Near Term

Limited availability of midwater capacity in 2009

Declining demand

Expect stability in Norway, West Africa and Brazil

Expect weakness in all other markets

Increasing sublet activity

Slowing tendering pace

Long Term

Expect strong midwater demand in medium to long term

Norway, Brazil, West Africa

Industry fundamentals will remain strong

16

Midwater Utilization Has Recently Declined

(9)

75

80

85

90

95

100

2003

2004

2005

2006

2007

2008

2009

17

Midwater Tendering Pace Is Slowing

(9)

0

1

2

3

4

2003

2004

2005

2006

2007

2008

2009

0

10

20

30

40

50

60

Avg Term

No of Fixtures

18

82

14

12

84

17

10

0

20

40

60

80

100

> 12 months

6-12 months

0-6 months

Jan-08

Jan-09

18

Less than 4,500 ft WD

Available Midwater Rigs

(9)(11)

19

RIG

Has

Limited

Midwater

Availability

1H2009

(1)

Mar-09

Jul-09

Jul-09

Aug-09

Aug-09

Sep-09

Sep-09

Mar-09

May-09

Jul-09

Sep-09

Nov-09

GSF Arctic II

Sedco 712

C. Kirk Rhein Jr.

Sedco 703

Actinia

Sedco 700

GSF Aleutian Key

GSF Arctic III

Transocean John Shaw

19

Rig to be sold

Warm stacked

20

Jackup Outlook

Near Term

Decreasing demand and increasing supply

Rapid market deterioration

Limited opportunities

Low commodity prices

Increasing sublet activity

Approximately 25 percent of newbuilds are contracted

Long Term

Recovery depends on commodity prices

21

Jackup

Utilization

Has

Recently

Declined

(9)

86

88

90

92

94

96

98

100

2003

2004

2005

2006

2007

2008

2009

22

Significant Uncontracted

Jackup Newbuilds

(10)

59

46 Uncontracted

Jackup Newbuilds

0

2

4

6

8

10

12

14

16

18

Q1-

09

Q2-

09

Q3-

09

Q4-

09

Q1-10

Q2-10

Q3-10

Q4-10

Q1-11

Q2-11

Q3-11

0

8

16

24

32

40

48

56

64

72

Contracted Jackups

Uncontracted

Jackups

Jackup

Running Total

23

RIG Has Significant Near Term Jackup Availability

(7)

69%

31%

70%

30%

23

87%

13%

2009

2010

2011

Transocean Jackup Fleet -

65 Rigs

Committed

Uncommitted

24

Key Investment Highlights

Unique Contract Driller

World’s largest offshore drilling company

Diversified revenue sources

Substantial contract revenue backlog

Positioned to Outperform

World’s largest deepwater fleet

Positive outlook for deepwater market

25

Appendix

(1)

Per March

2,

2009

company-issued

Fleet

Update

Summary

and

January

12,

2009

Fleet

Status

Report.

“High-Spec”

and

“Midwater”

Floaters

classifications are as described in RIG’s January 12, 2009 Fleet Status Report.  Rig count is 136, as per the Form 10-K for the year ended

December 31,

2008,

plus

10

newbuilds,

less

four

“other”

rigs

(two

drilling

barges,

a

mobile

production

unit,

and

a

coring

drillship).

Newbuilds

are

inclusive of

rigs

to

be

delivered

subsequent

to

January

1,

2009.

Rig

count

excludes

the

GSF

Arctic

II,

as

it

is

warm

stacked

in

anticipation

of

sale.

(2)

Excludes the submersibles Noble Joe Alford and Noble Lester Pettus.

(3)

Calculated by multiplying the contracted operating dayrate by the firm contract period from February 3, 2009 forward. Reflects firm commitments

represented by signed contracts.  Contract backlog excludes revenues from mobilization, demobilization, contract preparation, integrated

services and customer reimbursables.  Our backlog calculation assumes that we receive the full contractual dayrate, which could be higher than

the actual dayrate that we receive because of a number of factors (rig downtime, suspension of operations, etc.) including some factors beyond

our control.  Additionally, not all of our contracted revenue may be realized due to customer liquidity issues or a contract that has been

terminated due to contractual termination provisions.  Contract backlog figures are unaudited.

(4)

Credit ratings represent the rating of client parent companies; however, our contracts may or may not be with the parent company. 

(5)

Free Cash

Flow

Backlog

defined

as

Revenue

Backlog,

plus

Firm

Mob

Revenue

for

contracts

not

started,

less

Operating

Expense

and

Overhead,

less

Firm

Mob

costs,

less

Firm

Sustaining

Capital

Expense,

less

all

future

newbuild

Capital

Expense

(including

capital

lease

commitments), and upgrade Capital Expense.  Total Debt as of February 16, 2009.

(6)

Available rig days are calculated at the maximum number of available days for a rig in the given year (for an existing rig, in this example, a

calendar year is comprised of 365 rig days).  Rig days are not adjusted for utilization or downtime and are based on estimated newbuild

construction completion.  Actual rig days may vary.

(7)

Data as of March 2, 2009.  Available rigs are free of firm contract obligations.  Rig count excludes rigs currently offered for sale. Commitment

time includes operating, mobilization / demobilization, and scheduled shipyard time as well as priced options; excludes letters of intent.

(8)

Includes nine newbuild drillships and one newbuild semisubmersible from the date on which construction is expected to be complete.

(9)

Data as per ODS-Petrodata as of March 10, 2009. Analysis by Transocean.  Marketed supply includes stacked, en route, acceptance testing, in

port/yard and waiting on weather rigs.

(10)

Newbuild and

upgrade

delivery

schedule

per

various

public

sources

as

of

March

13,

2009.

Excludes

rigs

which

are

not

competitive

and

are

being built for use by an operator/owner.

(11)

Total Midwater fleet has declined by three rigs from 2008 to 2009, net of water depth upgrades and newbuilds.