February 17, 2010 (FinancialWire) — Transocean Ltd. (NYSE: RIG) board of directors has authorized company management to implement the shareholder-approved 3.5 billion Swiss franc  share repurchase program (approximately $3.2 billion at the exchange rate prevailing at close of trading on February 12, 2010 of $1.00 to CHF 1.08).

The board has also decided to recommend to the shareholders a dividend in the form of a capital reduction denominated in Swiss francs equivalent to approximately $1.0 billion.

The company intends to list its shares on the SIX Swiss Exchange (SIX) and will continue to list its shares on the New York Stock Exchange.

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