Schedule II - Valuation and Qualifying Accounts

12 Months Ended

Dec. 31, 2011

Schedule II - Valuation and Qualifying Accounts

Schedule II - Valuation and Qualifying Accounts

Transocean Ltd. and Subsidiaries

Schedule II - Valuation and Qualifying Accounts

(In millions)

			Additions
	Balance at beginning of period		Charge to cost and expenses		Charge to other accounts -describe		Deductions -describe			Balance at end of period
Year ended December 31, 2009
Reserves and allowances deducted from asset accounts:
Allowance for doubtful accounts receivable	$	114	$	27	$	—	$	76	(a)	$	65
Allowance for obsolete materials and supplies	49		17		—		—			66
Valuation allowance on deferred tax assets	111		49		—		—			160
Year ended December 31, 2010
Reserves and allowances deducted from asset accounts:
Allowance for doubtful accounts receivable	$	65	$	5	$	—	$	32	(a)	$	38
Allowance for obsolete materials and supplies	66		6		—		2		(b)	70
Valuation allowance on deferred tax assets	160		8		—		4		(c)	164
Year ended December 31, 2011
Reserves and allowances deducted from asset accounts:
Allowance for doubtful accounts receivable	$	38	$	—	$	—	$	10	(a)	$	28
Allowance for obsolete materials and supplies	70		5		—		2		(d)	73
Valuation allowance on deferred tax assets	164		19		—		—			183

(a)Uncollectible accounts receivable written off, net of recoveries.

(b)Amount represents $1 million related to sale of rigs and inventory and $1 million related to the loss of Deepwater Horizon.

(c)Primarily due to reassessments of valuation allowances against future operations.

(d)Amount related to sale of rigs and related equipment.

Other schedules are omitted either because they are not required or are not applicable or because the required information is included in the financial statements or notes thereto.