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Exhibit
10.1
 EXECUTION VERSION




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PageARTICLE I DEFINITIONS
    
    2SECTION 1.1. Defined Terms: Rules of Usage
    
    2ARTICLE II PUT OPTION
    
    12SECTION 2.1. Put Option
    
    12SECTION 2.2. Consideration
    
    13SECTION 2.3. Purchase Price
    
    14SECTION 2.4. Working Capital Adjustment
    
    14SECTION 2.5. Payment or Assumption of Debt
    
    15SECTION 2.6. Transfer Taxes
    
    15SECTION 2.7. Conditions Precedent to Put Closing; Reasonable Best Efforts
    
    15SECTION 2.8. Adjustments
    
    16ARTICLE III REPRESENTATIONS AND WARRANTIES
    
    18SECTION 3.1. Representations of Transocean
    
    18SECTION 3.2. Representations of Pacific Drilling
    
    19ARTICLE IV REGISTRATION RIGHTS
    
    20SECTION 4.1. Request for Registration
    
    20SECTION 4.2. Other Shareholders
    
    21SECTION 4.3. Underwriting
    
    21SECTION 4.4. Form S-3 or Form F-3
    
    22SECTION 4.5. No Assignment
    
    22SECTION 4.6. Expenses of Registration
    
    22SECTION 4.7. Registration Procedures
    
    22SECTION 4.8. Indemnification
    
    23SECTION 4.9. Information by Pacific Drilling and the Holders
    
    25SECTION 4.10. Rule 144 Reporting
    
    25SECTION 4.11. Termination
    
    26ARTICLE V COVENANTS
    
    26SECTION 5.1. Commercially Reasonable Best Efforts
    
    26SECTION 5.2. Publicity
    
    26SECTION 5.3. Further Assurances
    
    26SECTION 5.4. Restrictions on Transfer of Transocean Ordinary Shares
    
    26SECTION 5.5. Securities Law Matters
    
    27SECTION 5.6. Standstill
    
    28ARTICLE VI MISCELLANEOUS
    
    29SECTION 6.1. Notices
    
    29SECTION 6.2. Successors and Assigns
    
    30SECTION 6.3. Governing Law
    
    31SECTION 6.4. Entire Agreement
    
    31SECTION 6.5. Amendments
    
    31




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PageSECTION 6.6. Counterparts
    
    31SECTION 6.7. Interpretation; Headings
    
    31SECTION 6.8. Arbitration
    
    31SECTION 6.9. Expenses
    
    32SECTION 6.10. Severability
    
    32Schedule      A Rig BrokersSchedule      B Representations and Warranties of Pacific DrillingSchedule      C Representations and Warranties of TOIVL and Transocean




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PUT OPTION AND REGISTRATION RIGHTS AGREEMENT
 Agreement Pacific Drilling Company Transocean TOIVL
  Elder Elder Construction
Contract Shipyard Deepwater 1 Drillship
 Ashgrove Ashgrove
Construction Contract Construction Contracts Deepwater 2 Drillship Drillships
  Shareholders Agreement
 Deepwater 1 Deepwater 2 Drillship Subsidiaries




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Defined Terms: Rules of Usage
 AAA
 Affiliate
 Agreement
 Arbitration Notice
 Arbitrator
 Ashgrove
 Ashgrove Construction Contracts
 Business Day
 Capital Stock
 2




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Cash Consideration
 Commission
 Company
 Company Shares
 Consideration
 Consideration Election Date
 Consideration Election Notice
 Construction Contracts
 control
 Deepwater 1
 Deepwater 1 Drillship
 Deepwater 2
 Deepwater 2 Drillship
 Disadvantageous Condition
 3




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Dispute
 Drilling Rig Appraisal Procedure
 Drilling Rigs
 Drillship Subsidiaries
 Drillships
 Elder
 4




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Elder Construction Contract
 Exchange Act
 Fair Value of Pacific Drilling Shares
 Fair Value of the Drilling Rigs
 Fair Value of Transocean Ordinary Shares provided however
 GAAP
 Governmental Authority
 Governmental Requirements
 5




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Guarantee
   provided however
 Hedging Obligations
 Holder
 Indebtedness
     6




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provided however
 Indemnified Party
 Indemnifying Party
 Lien
 Maximum Offering Size
 Notice
 Other Shareholders
 Pacific Drilling
 Pacific Drilling Percentage
 7




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Pacific Drilling Shares
 Permitted Transfer provided
 Permitted Transferee provided however
 Person
 Public Company
 Purchase Price
 Put Closing
 Put Closing Balance Sheet
 Put Closing Date provided
 Put Closing Date Working Capital
 8




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provided provided further
 Put Closing Statement
 Put Date
 Put Notice
 Put Notice Date
 Put Option
 register registered registration
 Registration
 Registrable Securities
 Registration Expenses
 Rig Broker
 9




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Rights
 Rule 144
 Securities Act
 Selling Expenses
 Share Cap
 Shareholder
 Shares
 Shareholders Agreement
 Shipyard
 Stock Consideration
 Subsidiary
 Tax Taxes
 TOIVL
 Transaction Documents
 10




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Transfer
 Transfer Taxes
 Transferor
 Transocean
 Transocean Appraisal Procedure
 11




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Transocean Ordinary Shares
 Transocean Share Price
 Valuation Multiple
 Voting Stock
 
 Put Option
 Put Notice
 12




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Consideration
Election Notice
 provided provided
 provided
 Consideration Cash Consideration Stock Consideration
 13




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Purchase Price Gross Stock Consideration Net Stock Consideration Share Cap
  Working Capital Adjustment Put Closing Statement
  14




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Payment or Assumption of Debt
  Transfer Taxes Transfer Taxes
 Conditions Precedent to Put Closing; Reasonable Best Efforts
   15




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provided however
  Adjustments
  16




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provided however
  17




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Representations of Transocean
 Organization; Etc
 Authority Relative to this Agreement
 Consents and Approvals; No Violations
 18




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Representations of Pacific Drilling
 Organization; Etc
 Authority Relative to this Agreement
 Consents and Approvals; No Violations
 19




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Request for Registration provided provided further provided
 Registrations provided
 Disadvantageous Condition
 20




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Other Shareholders Other Shareholders
 Underwriting Maximum Offering Size
 21




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Form S-3 or Form F-3
 No Assignment
 Expenses of Registration
 Registration Procedures
 provided however provided provided further
    22




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Indemnification provided however provided further
  23




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Indemnified
Party Indemnifying Party provided provided further
 24




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Information by Pacific Drilling and the Holders
 Rule 144 Reporting
 Rule 144
  25




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Termination
 
 Commercially Reasonable Best Efforts
 Publicity
 Further Assurances
 Restrictions on Transfer of Transocean Ordinary Shares
 26




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Securities Law Matters
      27




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Standstill Standstill Period Pacific Drilling Group
 28




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provided
 
 Notices Notice
 If to TOIVL or Transocean:
    
    
    
    Transocean Offshore International Ventures LimitedP. O. Box 1034270 Harbour Drive4th Floor, Block BGeorge Town, Grand Cayman KY1-1003 (Cayman Islands)Fax: 345 745 4504Attention: General CounselE-mail: Legal_Notices@mail.deepwater.comIf to Pacific Drilling:
    
    
    
    c/o S.A.M.A.M.A.LEstorilBloc B, 1er Etage31 Avenue Princesse GraceMC 98000MonacoFAO: J.F. MegginsonFax: + 377 99 99 51 09e-mail: general@samama-monaco.com
 29




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If to the Company:
    
    
    
    Transocean Pacific Drilling Inc.c/o Transocean Offshore International Ventures LimitedP. O. Box 1034270 Harbour Drive4th Floor, Block BGeorge Town, Grand Cayman KY1-1003 (Cayman Islands)Fax: 345 745 4504Attention: General CounselE-mail: Legal_Notices@mail.deepwater.comWith a copy to:
    
    
    
    Pacific Drilling Limitedc/o S.A.M.A.M.A.LEstorilBloc B, 1er Etage31 Avenue Princesse GraceMC 98000MonacoFAO: J.F. MegginsonFax: + 377 99 99 51 09E-mail: general@samama-monaco.com
  Successors and Assigns provided provided further
 30




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Governing Law
 Entire Agreement
 Amendments
 Counterparts
 Interpretation; Headings
 Arbitration Dispute Arbitration Notice AAA Arbitrators Arbitrator
 31




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Expenses
 Severability
  32




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TRANSOCEAN PACIFIC DRILLING INC.By:
    
    /s/ Simon CroweName:
    
    Simon CroweTitle:
    
    DirectorPACIFIC DRILLING LIMITEDBy:
    
    /s/ J.F. MegginsonName:
    
    J.F. MegginsonTitle:
    
    President & DirectorTRANSOCEAN OFFSHORE INTERNATIONAL
VENTURES LIMITEDBy:
    
    /s/ Steve McFadinName:
    
    Steve McFadinTitle:
    
    Vice President & TreasurerTRANSOCEAN INC.By:
    
    /s/ Steve McFadinName:
    
    Steve McFadinTitle:
    
    Assistant Treasurer
 [Signature Page  Put Option and Registration Rights Agreement]




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Schedule B  Representations and Warranties of Pacific Drilling
  Organization; Etc
 Authority
 Consents and Approvals; No Violations
 The Shares
 The following representations and warranties will only be made if Pacific Drilling elects to
receive Stock Consideration.




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Securities Law Matters




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Schedule C  Representations and Warranties of TOIVL and Transocean
  Organization; Etc.
 Authority
 Consents and Approvals; No Violations Contract
 The bracketed language in Sections 2 and 3 and all of the following representations and
warranties will only be made if Pacific Drilling elects to receive Stock Consideration.
 Capital Structure.  Transocean Ordinary Shares   Transocean Other Shares Transocean Capital Stock    




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Transocean Employee
Stock Options  Voting Transocean Debt
 Transocean Ordinary Shares
 SEC Documents; Undisclosed Liabilities.




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 1 Transocean SEC Documents
  
 1
    
    The first day of the last full fiscal year of
Transocean prior to the Put Closing Date.