May 11, 2021CITI 2021 GLOBAL ENERGY CONFERENCE

LEGAL DISCLAIMERForward-Looking Statements

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, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements 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 difficult to predict. As a result, actual results could differ materially from those indicated in 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 future prices of oil and gas, the intention to scrap certain drilling rigs, the success of our business following the acquisitions of Songa Offshore SE and Ocean Rig UDW Inc., 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, 2020, 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 the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual results may vary materially from those indicated or expressed or implied by such forward-looking statements. 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 to reflect events or circumstances that occur, or which we become aware of, after the date hereof, except as otherwise may be 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”). 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

OUR LEADERSHIP POSITION

Unmatched UDW & HE Experience

$7.4 Billion in Backlog**

39 Floaters* – 100% UDW & HE

Liquidity of $2.5B***

3

* Includes 2 newbuilds under construction and the Transocean Norge (33% JV ownership interest)** As of April 28, 2021*** As of March 31, 2021.

TRANSOCEAN’S PLAYBOOK

44

PRESERVE LIQUIDITY

DELIVER SAFE, RELIABLE, & EFFICIENT

OPERATIONS

HIGH-GRADE FLEET

29 28 30 27 31 28 29

7 7 7 1214 14 10

8 5 3 2

1711 6 6 4

3

10

1010

0

20

40

60

2015 2016 2017 2018 2019 2020 2021

5

2015 2016 2017 2018 2019 2020 2021*

71 61 56 47 49 45 3917 11 14 9 10 7 -

21 years 19 years 17 years 17 years 14 years 14 years 10 years

Total **

Scrapped

~ Average Age

FLEET TRANSFORMATIONDivesture

Borr Drilling

Acquisition Acquisition

* Includes Deepwater Atlas and Deepwater Titan under-construction** Does not include units classified as held for sale

AcquisitionTransocean

Norge

FLEET TRANSFORMATION SINCE 2014

6

15 Ultra-Deepwater

75 Divestitures

Songa Offshore

Value-Added Enhancements

15 Jackups

45 Deepwater /Midwater

Deepwater TitanDeepwater Atlas

Ocean Rig

Transocean Norge

FLEET TRANSFORMATION TO UDW AND HE FLOATERS

7

41

15

34~45%

UDW & HE

39

100%UDW & HE

UDW & HE Floaters

Mid / Deep Water

HS Jackups

* Includes rigs under construction and the Transocean Norge (33% JV ownership interest); reflects the retirement of the Leiv Eiriksson

January 2014 May 2021*Average Age Floaters – ~21 years Average Age Floaters – ~10 years

(UDW – ~9 years)

BACKLOG ~3x NEAREST COMPETITOR

8

USD

Bill

ions

Source: Latest company filings* Includes Seadrill Limited and Seadrill Partners

$0.0

$1.0

$2.0

$3.0

$4.0

$5.0

$6.0

$7.0

$8.0

RIG ODL Maersk NE / PACD SDRL* VAL DO

TRANSOCEAN’S INDUSTRY-LEADING BACKLOG

9

1.0 0.9 0.9 0.9

2.0

0.6 0.70.4

0.0

0.5

1.0

1.5

2.0

2.5

2021 2022 2023 2024 2025-28

Harsh Environment

Ultra-Deepwater

USD

Bill

ions

*As of April 28, 2021**Contracted operating dayrate multiplied by the contract duration for future periods as of latest company filings

Estimated $7.4 Billion* Contract Backlog **

94% with Investment Grade Companies

$1.6 $1.6

$1.3

$0.9

$2.0

BACKLOG CONVERTED TO CASH

10

40%

50%

60%

70%

80%

90%

100%

2018 2019 2020

REVENUE EFFICIENCYThree-year Average - 96%

10%

15%

20%

25%

30%

35%

40%

0

600

1,200

1,800

2,400

3,000

3,600

4,200

4,800

5,400

6,000

6,600

7,200

2018 2019 2020

REVENUE & EBITDAAdjusted

Adj Revenue Adj EBITDA Adj EBITDA Margin

USD

Mill

ions

No ‘Lost Time’ Incidents

TRIR of 0.24 (second lowest in RIG history)

97% uptime (new best)

Adj. EBITDA $1.2B

Adj. EBITDA Margin 36%

2020 Highlights

PATH TOWARDS DE-LEVERAGING THE BALANCE SHEET

11

-Industry Consolidation -Fleet Rationalization-High cost to reactivate

Rig Supply DecliningOil Demand Increasing

0

5

10

15

20

25

30

2000 2010 2020 2030 2040 2050

2020history projections

U.S. petroleum consumption*million barrels per day

*EIA -High Economic Growth Scenario

Driller Pricing Power

Increasing oil demand and decreasing rig supply leads to higher dayrates and ability to

de-lever

11

PRESERVE LIQUIDITY

12

USD

Bill

ions

0.0

1.0

2.0

3.0

4.0

5.0

6.0

Cash & Short-termInvestments at

3/31/21 (1)

Revolving CreditFacility

Operating Cash Flowsthrough 2022

CapEx / Investmentsthrough 2022 (2)

Debt Due through2022

Projected Liquidity @12/31/22 (3)

~$1.2B -$1.4B

(1) Includes approximately $200M of restricted cash for debt amortization(2) Includes approximately $30M investment in the Transocean Norge joint venture. (3) Excludes an additional $200M of revolving credit facility permitted as part of the facility’s $500M accordion feature.

~$0.8B-$1.0B

~$1.2B

~$1.3B

~$0.7B-$0.9B ~$1.5B

~$0.9B

Estimated ~$350M secured financing capacity on the Deepwater Titan

Patented HaloGuard℠ Drill Floor Safety

System

6 Additional Floaters Scheduled for

HaloGuard℠ Upgrade

INVESTMENT IN TECHNOLOGY

13

Deepwater Conqueror Transocean Enabler

Automated Drilling Control

ADC Upgrade for 3 Remaining Cat-D Rigs

+ Spitsbergen + Norge

Drilling Safety Drilling Efficiency

Transocean Spitsbergen

Reduced Emissions

Patented Hybrid Power System

SEA – Smart Equipment Analytics installed on 19 rigs

HALOGUARD℠ DRILLFLOOR SAFETY SYSTEM

14

Industry-first technology that provides ability to locate and track personnel on drillfloor and alert them when in close proximity tomoving equipment, and if necessary, halt moving equipment to protect the crewmember

14

INDUSTRY FIRST – HYBRID POWER

15

Currently Installed on the Transocean Spitsbergen

Provides Ability to Run Rig Thrusters off Battery Power

Reduces Fuel Consumption & Emissions

SMART EQUIPMENT ANALYTICS

16

Smart Equipment Analytics (SEA): Customized analytics that evaluate real time data through sensors, operational and maintenance data that help ensure our rigs operate at optimum levels

19 Rigs Live in SEA: Energy awareness, power consumption and emissions monitoring applications running with real time data

16

Emissions: Real time GHG emissions monitoring system

Energy Awareness: Provides detailed understanding of main power consumers and how they respond under different operational conditions

Power Consumption: Engine data monitored against its design to provide awareness for optimum operation of power plant as well as uses of power

ENERGY AWARENESS – FUEL CONSUMPTION AND GHG EMISSIONS

Power Consumers Dashboard

Emissions Dashboard

Energy Awareness Dashboard

17

FLOATER OPPORTUNITIES – START DATE NEXT 18 MO.

# Number of programs

<6 months

6-12 months

>3 years

1-3 years

Source: IHS Markit May 2021: Open Floater demand incl. pre-tender, tender + Transocean Marketing

51 rig years to be awarded74 programs

Benign

Harsh7

25

1 1

4

2

2 12

0255075

100

Rig Years # Programs

Opportunity Trend (TTM)

Q1 '20 Q2 '20 Q3 '20 Q4 '20 Q1'21

4

1

1

1

1

2

2

1

11

11

10

4

3

1

11

1

21 1

18

OUR LEADERSHIP POSITION

Unmatched UDW & HE Experience

$7.4 Billion in Backlog**

39 Floaters* – 100% UDW & HE

Liquidity of $2.5B***

19

* Includes 2 newbuilds under construction and the Transocean Norge (33% JV ownership interest)** As of April 28, 2021*** As of March 31, 2021.

May 11, 2021CITI 2021 GLOBAL ENERGY CONFERENCE