ZUG, SWITZERLAND — Transocean’s Board of Directors elected a new chairman of its board while the company’s shareholder approved a new dividend of approximately $1 billion.

J. Michael Talbert was named chairman of the Board of Directors, replacing Robert E. Rose, who retired following the 2011 Annual General Meeting.

The chairman announcement as well as the dividend approval both were made at the company’s 2011 annual general meeting in May in Cham, Switzerland.

The dividend will be paid out of additional paid-in capital. A schedule for the first out of four dividend installments can be found under the “News” section on at Transocean’s website, www.deepwater.com

During the meeting, shareholders also approved:

—The election of Jagjeet S. Bindra and Steve Lucas as Class III directors, each for a three year term; the election of Tan Ek Kia as a Class I director for a one year term; and the re-election of Martin B. McNamara and Ian C. Strachan as Class III directors, each for a three year term.

—The rescission of the $1 billion distribution to shareholders in the form of a par value reduction as approved at the 2010 annual general

meeting.

—The granting of board authority to issue shares out of authorized share capital of Transocean Ltd. for a new two-year period.

—An advisory vote approving the compensation of the company’s named executive officers and a separate advisory vote providing that the above advisory vote should be held on an annual basis.

—The 2010 annual report, including the consolidated financial statements for fiscal year 2010 and the statutory financial statements for fiscal year 2010.

The proposal to reduce the maximum number of members of the Board of Directors to 12 from 14 was not voted upon because it did not meet the required quorum.

The proposal regarding the discharge of the members of the Board of Directors and executive management from liability for activities during fiscal year 2010 was not approved.