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Carl Icahn issues open letter to Transocean shareholders

"We urge shareholders to vote at the 2013 Transocean Annual General Meeting for the Icahn proposal to increase the dividend at Transocean to $4.00 per share and for the Icahn proposal to elect Jose Maria Alapont, John J. Lipinski and Samuel Merksamer to the Transocean board of directors. We believe that shareholders have the opportunity to increase shareholder value by supporting our proposals and replacing Michael Talbert, Thomas Cason and Robert Sprague, directors who presided as members of the Transocean Board during the transactions described below, which we believe destroyed approximately $11 billion of shareholder value and that continues to pursue strategies, as described below, that we believe are likely to destroy as much as $3 billion of further value in the future... We believe that a $4.00 per share dividend will not only result in an appropriate and meaningful return of value to shareholders, but will also force discipline on the Board."