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EXHIBIT 99.1 PTransocean TRANSOCEAN LTD . REPORTS THIRD QUARTER 2021 RESULTS • Total contract drilling revenues were $ 626 million , compared to $ 656 million in the second quarter of 2021 ( total adjusted contract drilling revenues of $ 683 million , compared to $ 713 million in the second quarter of 2021 ) ; • Revenue efficiency ( 1 ) was 98.1 % , compared to 98.0 % in the prior quarter ; • Operating and maintenance expense was $ 398 million , compared to $ 434 million in the prior quarter ; • Net loss attributable to controlling interest was $ 130 million , $ 0.20 per diluted share , compared to $ 103 million , $ 0.17 per diluted share , in the second quarter of 2021 ; • Adjusted EBITDA was $ 245 million , compared to $ 255 million in the prior quarter ; and • Contract backlog was $ 7.1 billion as of the October 2021 Fleet Status Report . STEINHAUSEN , Switzerland - November 1 , 2021 — Transocean Ltd. ( NYSE : RIG ) today reported a net loss attributable to controlling interest of $ 130 million , $ 0.20 per diluted share , for the three months ended September 30 , 2021 . Third quarter 2021 results included a net unfavorable item of $ 8 million , or $ 0.01 per diluted share , related to discrete tax items . After consideration of this net unfavorable item , third quarter 2021 adjusted net loss was $ 122 million , $ 0.19 per diluted share , compared to $ 109 million , $ 0.18 per diluted share , in the second quarter of 2021 . Contract drilling revenues for the three months ended September 30 , 2021 decreased sequentially by $ 30 million to $ 626 million , primarily due to reduced activity for two rigs that went idle and one rig that commenced a planned shipyard stay during the third quarter , partially offset by higher revenue efficiency , and one rig that returned to work following a shipyard stay . A non - cash revenue reduction of $ 57 million was recognized in both the third and second quarter as a result of contract intangible amortization associated with the Songa and Ocean Rig acquisitions in 2018 . Operating and maintenance expense was $ 398 million , compared with $ 434 million in the prior quarter . The sequential decrease was primarily the result of reduced activity due to rigs that became idle and lower COVID - 19 - related costs , partially offset by shipyard and contract preparation activities . General and administrative expense was $ 40 million , up from $ 39 million in the second quarter of 2021. The increase was primarily due to legal and professional fees . Interest expense , net of amounts capitalized , was $ 110 million , compared with $ 115 million in the prior quarter . Interest income was $ 4 million , which is in line with the second quarter of 2021 .