Document:

EX-10.3

 Exhibit 10.3 

FORM OF 
 OMNIBUS
AGREEMENT 
 AMONG 

TRANSOCEAN LTD., 

TRANSOCEAN INC., 

TRANSOCEAN PARTNERS HOLDINGS LIMITED, 

TRANSOCEAN PARTNERS LLC, 

TRITON RIGP DCL HOLDINGS LIMITED, 

TRITON RIGP DIN HOLDINGS LIMITED, 

TRITON RIGP DD3 HOLDINGS LIMITED, 

TRITON RIGP DCL HOLDCO LIMITED, 

TRITON RIGP DIN HOLDCO LIMITED, 

TRITON RIGP DD3 HOLDCO LIMITED, 

TRANSOCEAN RIGP DCL OPCO LIMITED, 

TRANSOCEAN RIGP DIN OPCO LIMITED, 

TRANSOCEAN RIGP DD3 OPCO LIMITED, 

TRANSOCEAN RIGP DCL LLC, 

TRANSOCEAN RIGP DIN LLC 

and 
 TRANSOCEAN RIGP
DD3 LLC 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I DEFINITIONS	  	 	2	  
	 Section 1.1
	  	 Definitions
	  	 	2	  
		
	ARTICLE II FIVE-YEAR DRILLING RIG RESTRICTED BUSINESS OPPORTUNITIES	  	 	9	  
	 Section 2.1
	  	 Five-Year Drilling Rig Restricted Businesses
	  	 	9	  
	 Section 2.2
	  	 Permitted Exceptions
	  	 	9	  
		
	ARTICLE III NON-FIVE-YEAR DRILLING RIG RESTRICTED BUSINESS OPPORTUNITIES	  	 	11	  
	 Section 3.1
	  	 Non-Five-Year Drilling Rig Restricted Businesses
	  	 	11	  
	 Section 3.2
	  	 Permitted Exceptions
	  	 	11	  
		
	ARTICLE IV BUSINESS OPPORTUNITIES PROCEDURES	  	 	13	  
	 Section 4.1
	  	 Procedures
	  	 	13	  
	 Section 4.2
	  	 Scope of Prohibition
	  	 	16	  
		
	ARTICLE V RIGHTS OF FIRST OFFER	  	 	17	  
	 Section 5.1
	  	 Rights of First Offer
	  	 	17	  
	 Section 5.2
	  	 Procedures for Rights of First Offer
	  	 	17	  
		
	ARTICLE VI MANDATORY OFFERS OF CERTAIN SELECTED DRILLING RIGS	  	 	18	  
	 Section 6.1
	  	 Mandatory Offers to Purchase Certain Selected Drilling Rigs
	  	 	18	  
	 Section 6.2
	  	 Procedures
	  	 	19	  
	 Section 6.3
	  	 Transfers of Drilling Contracts
	  	 	22	  
		
	ARTICLE VII INDEMNIFICATION	  	 	22	  
	 Section 7.1
	  	 Indemnification Generally
	  	 	22	  
	 Section 7.2
	  	 Macondo Well Incident and Related Matters
	  	 	23	  
	 Section 7.3
	  	 Limitation Regarding Indemnification
	  	 	23	  
	 Section 7.4
	  	 Indemnification Procedures
	  	 	24	  
		
	ARTICLE VIII LICENSE OF NAME AND TRADEMARK	  	 	25	  
	 Section 8.1
	  	 License of Name and Trademark
	  	 	25	  
	 Section 8.2
	  	 Termination upon Change of Control
	  	 	25	  
		
	ARTICLE IX MISCELLANEOUS	  	 	25	  
	 Section 9.1
	  	 Notices
	  	 	25	  
	 Section 9.2
	  	 Construction Rules
	  	 	25	  
	 Section 9.3
	  	 Binding Effect; Assignment
	  	 	26	  
	 Section 9.4
	  	 Entire Agreement
	  	 	26	  
	 Section 9.5
	  	 Governing Law
	  	 	26	  
	 Section 9.6
	  	 Counterparts
	  	 	26	  
	 Section 9.7
	  	 No Third Party Beneficiaries
	  	 	26	  

  
 i 

							
	 Section 9.8
	  	 Severability
	  	 	26	  
	 Section 9.9
	  	 Failure or Indulgence Not Wavier; Remedies Cumulative
	  	 	26	  
	 Section 9.10
	  	 Amendment
	  	 	27	  
	 Section 9.11
	  	 Specific Performance
	  	 	27	  
	 Section 9.12
	  	 Construction
	  	 	27	  
	 Section 9.13
	  	 Relationship of Parties
	  	 	27	  
	 Section 9.14
	  	 Further Assurances
	  	 	27	  
	 Section 9.15
	  	 Termination
	  	 	27	  
	 Section 9.16
	  	 Further Assurances
	  	 	28	  
	 Section 9.17
	  	 Forum for Disputes
	  	 	28	  
	 Section 9.18
	  	 Compliance with Transocean Agreements and Policies
	  	 	28	  

  
 ii 

 OMNIBUS AGREEMENT 

THIS OMNIBUS AGREEMENT is entered into on, and effective as of, the Closing Date (as defined herein), among Transocean Ltd., a
Swiss corporation (“Transocean”), Transocean Inc., a Cayman Islands exempted company (“Transocean Inc.”), Transocean Partners Holdings Limited, a Cayman Islands exempted company
(“TPHL”), Transocean Partners LLC, a Marshall Islands limited liability company (the “Company”), Triton RIGP DCL Holdings Limited, a Cayman Islands exempted company (“DCL Intermediate
OwnCo”), Triton RIGP DIN Holdings Limited, a Cayman Islands exempted company (“DIN Intermediate OwnCo”), Triton RIGP DD3 Holdings Limited, a Cayman Islands exempted company (“DD3 Intermediate
OwnCo” and, together with DCL Intermediate OwnCo and DIN Intermediate OwnCo, the “Intermediate OwnCos”), Triton RIGP DCL Holdco Limited, a company organized under the laws of England and Wales (“DCL
OwnCo”), Triton RIGP DIN Holdco Limited, a company organized under the laws of England and Wales (“DIN OwnCo”), and Triton RIGP DD3 Holdco Limited, a company organized under the laws of England and Wales
(“DD3 OwnCo” and, together with DCL OwnCo and DIN OwnCo, the “OwnCos”), Transocean RIGP DCL Opco Limited, a Cayman Islands exempted company (“DCL Intermediate OpCo”), Transocean
RIGP DIN Opco Limited, a Cayman Islands exempted company (“DIN Intermediate OpCo”), Transocean RIGP DD3 Opco Limited, a Cayman Islands exempted company (“DD3 Intermediate OpCo” and, together with DCL
OwnCo and DIN OwnCo, the “Intermediate OpCos”), Transocean RIGP DCL LLC, a Delaware limited liability company (“DCL OpCo”), Transocean RIGP DIN LLC, a Delaware limited liability company
(“DIN OpCo”), and Transocean RIGP DD3 LLC, a Delaware limited liability company (“DD3 OpCo” and, together with DCL OpCo and DIN OpCo, the “OpCos”). The Intermediate OwnCos and
the Intermediate OpCos are referred to collectively as the “Intermediate RigCos”. The OwnCos and the OpCos are referred to collectively as the RigCos. 

R E C I T A L S: 
 1. The
Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Articles II and IV, with respect to (a) those business opportunities that the Transocean Entities (as defined herein)
will not pursue during the term of this Agreement and (b) the procedures whereby such business opportunities are to be offered to the Company Group (as defined herein). 

2. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Articles III and
IV, with respect to (a) those business opportunities that the Company Group will not pursue during the term of this Agreement and (b) the procedures whereby such business opportunities are to be offered to the Transocean Entities.

 3. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in Article V,
with respect to (a) the Company’s right of first offer relating to interests in each of the Intermediate RigCos and RigCos that Transocean owns and (b) Transocean’s right of first offer relating to (i) Five-Year Drilling
Rigs (as defined herein) and Non-Five-Year Drilling Rigs (as defined herein) that the Company might own and (ii) interests in each of the Intermediate RigCos and RigCos that the Company owns. 

  
 1 

 4. The Parties desire by their execution of this Agreement to evidence their understanding, as
more fully set forth in Article VI, with respect to Transocean’s obligation to offer to sell interests in certain Selected Drilling Rigs (as defined herein) to the Company Group. 

5. The Parties desire by their execution of this Agreement to evidence their understanding, as more fully set forth in
Section 6.2(c)(ii) and Article VII with respect to certain indemnification obligations. 
 6. The Parties desire by their
execution of this Agreement to evidence their understanding, as more fully set forth in Article VIII, with respect to the license of names and trademarks of Transocean. 

In consideration of the premises and the covenants, conditions, and agreements contained herein, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I

 DEFINITIONS 

Section 1.1 Definitions. As used in this Agreement, the following terms shall have the respective meanings set forth below: 

“Action” means any claim, demand, action, suit, countersuit, arbitration, litigation, inquiry, proceeding
or investigation by or before any Governmental Authority or any arbitration or mediation tribunal or authority.  

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one
or more intermediaries controls, is controlled by or is under common control with, such Person; provided, however, that the Company and its Subsidiaries shall not be deemed to be Affiliates of Transocean and its Subsidiaries (other
than the Company and its Subsidiaries) and that Transocean and its Subsidiaries (other than the Company and its Subsidiaries) shall not be deemed to be Affiliates of the Company and its Subsidiaries. For purposes of this definition, the term
“control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through ownership of Voting Securities, by contract or otherwise.
 
 “Agreement” means this Omnibus Agreement, as it may be amended, modified, or supplemented from time
to time in accordance with Section 9.10. 
 “Board” means the Board of Directors of the Company. 

“Break-up Costs” means the aggregate amount of any and all additional Taxes (including tax credits used and benefits
foregone), flag administration, financing, debt premium prepayment or make-whole costs, consent fees, transaction costs, financial advisory, legal and other similar costs (x) to the Transocean Entities that would be required to transfer
Five-Year Drilling Rigs to a Company Group Member pursuant to Section 2.2(b), Section 2.2(c), Section 2.2(d) or Section 2.2(e)(i) or (y) to the Company Group that would be required to transfer
Non-Five-Year Drilling Rigs to a Transocean Entity pursuant to Section 3.2(b), Section 3.2(c), Section 3.2(d) or Section 3.2(e)(i). 

  
 2 

 “Change of Control” means, with respect to any Person (the
“Applicable Person”), any of the following events: 
 (a) any sale, lease, exchange or other transfer
(in one transaction or a series of related transactions) of all or substantially all of the Applicable Person’s assets to any other person, unless immediately following such sale, lease, exchange or other transfer such assets are owned,
directly or indirectly, by the Applicable Person; 
 (b) the merger, consolidation, amalgamation or other business
combination of the Applicable Person with or into another Person pursuant to a transaction in which the outstanding Voting Securities of the Applicable Person are changed into or exchanged for cash, securities or other property, other than any such
transaction where (i) the outstanding Voting Securities of the Applicable Person are changed into or exchanged for Voting Securities of the surviving person or its parent and (ii) the holders of the Voting Securities of the Applicable
Person immediately prior to such transaction own, directly or indirectly, not less than a majority of the outstanding Voting Securities of the surviving person or its parent immediately after such transaction; 

(c) a “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the Securities Exchange
Act), other than Transocean or its Affiliates with respect to TPHL or the Company, being or becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the then outstanding Voting
Securities of the Applicable Person, except in a merger, consolidation, amalgamation or other business combination which would not constitute a Change of Control under clause (b) above; 

(d) individuals who, as of the Closing Date, constitute the board of directors or similar body of the Applicable Person (the
“Incumbent Board”) cease for any reason to constitute at least a majority of the members of such board of directors or similar body of the Applicable Person; provided, however, that for purposes of this
definition any individual becoming a director subsequent to the date hereof whose election, or nomination for election, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board (or, in the case of TPHL,
approved by Transocean or its Affiliates) shall be considered as though such individual were a member of the Incumbent Board, but excluding, for this purpose, any such individual whose initial assumption of office occurs as a result of an actual or
threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a person other than the board of directors or similar body of the Applicable
Person; and 
 (e) the removal of the Transocean Member (as defined in the LLC Agreement). 

  
 3 

 “Closing Date” means the date of the closing of the initial
public offering of common units representing limited liability company interests in the Company.  

“Company” has the meaning given such term in the preamble to this Agreement. 

“Company Group” means the Company and its Subsidiaries and any Person controlled by any such entity. 

“Company Group Member” means any Person in the Company Group. 

“Company Potential Transferee” has the meaning given such term in Section 5.2(b). 

“Company Sale Assets” has the meaning given such term in Section 5.2(b). 

“Company Transfer Notice” has the meaning given such term in Section 5.2(b). 

“Company Transferring Party” has the meaning given such term in Section 5.2(b). 

“Construction Price” means the total carrying value of the rig when placed into service following
completion of construction, mobilization and customer acceptance and shall be representative of the all-in cost to construct the drillship or other drilling rig and place it into service, including property, plant and equipment, inventory and
prepaid expenses. 
 “Conflicts Committee” means the Conflicts Committee of the Board. 

“Consent Decree” means that civil consent decree by and among the U.S. Department of Justice and certain
of Transocean’s Affiliates arising out of the Macondo well incident. 
 “Consequential
Damages” mean any exemplary, punitive, special, indirect, consequential, remote or speculative damages (it being understood that lost profits or revenues shall be deemed to be speculative damages). 

“Contest Notice” has the meaning given such term in Section 6.2(b). 

“Contract” means any written, oral, implied or other contract, agreement, lease, license, guaranty,
indemnity, representation, warranty, assignment, sales order, purchase order, power of attorney, instrument or other commitment, assurance, undertaking or arrangement that is binding on any Person or entity or any part of its property under
applicable Law. 
 “Contribution Agreement” means that certain contribution agreement dated as of
        , 2014 among             . 

“Contribution Assets” has the meaning given such term in Section 7.1. 

“Covered Environmental Losses” means all Liabilities suffered or incurred by the Company Group by reason
of, arising out of or resulting from:  
 (a) any violation or correction of violation of Environmental Laws;
or 

  
 4 

 (b) any event or condition relating to environmental or human health and safety
matters, in each case, associated with the ownership or operation by the Company Group or the Transocean Entities of the Contribution Assets (including the presence of Hazardous Substances on, under, about or migrating to or from the Contribution
Assets or the disposal or release of, or exposure to, Hazardous Substances generated by or otherwise related to operation of the Contribution Assets), including the reasonable and documented cost and expense of (i) any investigation,
assessment, evaluation, monitoring, containment, cleanup, repair, restoration, remediation or other corrective action required or necessary under Environmental Laws, (ii) the preparation and implementation of any closure, remedial, corrective
action or other plans required or necessary under Environmental Laws and (iii) any environmental or toxic tort (including personal injury or property damage claims) pre-trial, trial or appellate legal or litigation support work; 

but only to the extent that such violation complained of under clause (a), or such events or conditions included in clause (b), arose before the
Closing Date; provided, that in no event shall Liabilities (x) arising from a change in any Environmental Law after the Closing Date or (y) otherwise covered under Section 7.2 be deemed “Covered Environmental
Losses.” 
 “DCL Intermediate OpCo” has the meaning given such term in the preamble to this Agreement. 

“DCL Intermediate OwnCo” has the meaning given such term in the preamble to this Agreement. 

“DCL OpCo” has the meaning given such term in the preamble to this Agreement. 

“DCL OwnCo” has the meaning given such term in the preamble to this Agreement. 

“DD3 Intermediate OpCo” has the meaning given such term in the preamble to this Agreement. 

“DD3 Intermediate OwnCo” has the meaning given such term in the preamble to this Agreement. 

“DD3 OpCo” has the meaning given such term in the preamble to this Agreement. 

“DD3 OwnCo” has the meaning given such term in the preamble to this Agreement. 

“DIN Intermediate OpCo” has the meaning given such term in the preamble to this Agreement. 

“DIN Intermediate OwnCo” has the meaning given such term in the preamble to this Agreement. 

“DIN OpCo” has the meaning given such term in the preamble to this Agreement. 

“DIN OwnCo” has the meaning given such term in the preamble to this Agreement. 

  
 5 

 “Environmental Laws” means all international, federal,
state, foreign and local laws, statutes, rules, regulations, treaties, conventions, orders, judgments and ordinances having the force and effect of law and relating to protection of natural resources, health and safety and the environment, each in
effect and as amended through the Closing Date.  
 “EPA Agreement” means that certain
administrative agreement entered into by certain Affiliates of Transocean and the U.S. Environmental Protection Agency related to the Macondo well incident. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“First Offer Negotiation Period” has the meaning given such term in Section 5.2(c). 

“Five-Year Drilling Rig” means any drillship or other drilling rig constructed in 2009 or later and
operating under a drilling contract with a remaining term of five years or longer (in the case of drillships or drilling rigs acquired or constructed after the date hereof) or with a new or extended term of five years or longer (in the case of
drillships or other drilling rigs that are placed under an extension or a new contract after the date hereof), in each case together with the related drilling contract and any associated assets to be transferred. For purposes of determining the
length of the contract for purposes of this Agreement, the drilling contract shall be deemed to commence (i) on the commencement date of such drilling contract or (ii) the date of execution of an extension related thereto and, in either
case, shall not include any unexercised customer option to extend the term of such drilling contract.  

“Governmental Authority” means any federal, state, local, municipal, tribal or other government; any governmental,
regulatory or administrative agency, commission, body or other authority exercising or entitled to exercise any administrative, executive, judicial, legislative, regulatory or taxing authority or power; and any court or governmental tribunal,
including any tribal authority having or asserting jurisdiction. 
 “Hazardous Substances” means
(a) each substance defined, designated or classified as a hazardous waste, hazardous substance, hazardous material, solid waste, contaminant or toxic substance under Environmental Laws; (b) petroleum and petroleum products, including crude
oil and any fractions thereof; (c) natural gas, synthetic gas and any mixtures thereof; (d) any radioactive material; and (e) any asbestos-containing materials in a friable condition.  

“Indemnified Parties” has the meaning given such term in Section 7.4(a). 

“Indemnifying Parties” has the meaning given such term in Section 7.4(a). 

“Intermediate OpCos” has the meaning given such term in the preamble to this Agreement. 

“Intermediate OwnCos” has the meaning given such term in the preamble to this Agreement. 

“Intermediate RigCo Equity Interests” has the meaning given such term in Section 5.1(a). 

  
 6 

 “Intermediate RigCos” has the meaning given such term in the preamble to
this Agreement. 
 “Law” means any law (including common law), statute, ordinance, code, rule,
regulation, order, writ, proclamation, judgment, injunction or decree of any Governmental Authority. 

“Liabilities” means any and all liabilities and obligations, whether accrued, fixed or contingent, mature
or inchoate, known or unknown, reflected on a balance sheet or otherwise (including court costs and reasonable attorneys’ and experts’ fees), including those arising under any Law, Action or any judgment of any court of any kind or any
award of any arbitrator of any kind, and those arising under any Contract. 
 “LLC
Agreement” means the Second Amended and Restated Limited Liability Company Agreement of the Company, dated as of             , 2014, as such agreement is in effect on the
Closing Date, to which reference is hereby made for all purposes of this Agreement.  
 “Mandatory
Offer Asset” has the meaning given such term in Section 6.1(a).  

“Mandatory Offer Asset Price” has the meaning given such term in Section 6.1(a). 

 “Mandatory Offer Asset Notice” has the meaning given such term in
Section 6.2(a).  
 “Non-Five-Year Drilling Rig” means any drillship or other
drilling rig that is not a Five-Year Drilling Rig, together with the related drilling contract and any associated assets to be transferred.  

“Offer” has the meaning given such term in Section 4.1(a). 

“Offered Assets” has the meaning given such term in Section 4.1(a).  

“Offeree” has the meaning given such term in Section 4.1(a). 

“Offeror” has the meaning given such term in Section 4.1(a). 

“Offer Period” has the meaning given such term in Section 4.1(c). 

“OpCos” has the meaning given such term in the preamble to this Agreement. 

“OwnCos” has the meaning given such term in the preamble to this Agreement. 

“Parties” means the parties to this Agreement and their successors and permitted assigns. 

 “Person” means an individual, a partnership, a corporation, a limited liability company, an
association, a joint stock company, a trust, a joint venture, a union, an unincorporated organization or a governmental entity or any department, agency or political subdivision thereof.  

“Potential Transferee” has the meaning given such term in Section 5.2(b).  

“RigCos” has the meaning given such term in the preamble to this Agreement.  

  
 7 

 “RigCo Equity Interests” has the meaning given such term in
Section 5.1(a). 
 “Sale Assets” has the meaning given such term in Section 5.2(b).

 “Selected Drilling Rigs” means the following six drilling rigs: Deepwater
Invictus, Deepwater Thalassa, Deepwater Proteus, Deepwater Pontus, Deepwater Poseidon and
Deepwater Conqueror, together with the related drilling contracts and any associated assets to be transferred. 

“Subsidiary” means, with respect to any specified Person, any corporation, partnership, limited liability
company or other organization, whether incorporated or unincorporated, of which at least a majority of the securities or interests having by the terms thereof ordinary voting power to elect at least a majority of the board of directors or others
performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by such specified Person or by any one or more of its Subsidiaries, or by such specified Person and by one or more of
its Subsidiaries. 
 “Taxes” means any and all federal, state, local, foreign and other
taxes, charges, fees, duties, levies, tariffs, imposts, tolls, customs or other assessments, including all net income, gross income, gross receipts, sales, use, ad valorem, transfer, franchise, profits, branch profits, profit share, license, lease,
service, service use, value added, withholding, payroll, employment, excise, estimated, severance, stamp, occupation, premium, property, windfall profits, wealth, net wealth, net worth, export and import fees and charges, registration fees, tonnage,
vessel, or other taxes, fees, assessments, customs, duties, levies, tariffs, imposts, tolls, or charges of any kind whatsoever imposed by any Governmental Authority, together with any interests, penalties, or other additional amounts imposed
thereon, with respect thereto, or related thereto. 
 “TPHL” has the meaning given such term in the
preamble to this Agreement. 
 “Transfer” means any direct or indirect transfer, assignment, sale or other
disposition of any (a) Intermediate RigCo Equity Interests or RigCo Equity Interests owned by a Transocean Entity, (b) Five-Year Drilling Rig or Non-Five-Year Drilling Rig by a Company Group Member or (c) Intermediate RigCo Equity
Interests or RigCo Equity Interests owned by a Company Group Member; provided, however, that such term shall not include (i) transfers, assignments, sales or other dispositions from a Transocean Entity to another Transocean
Entity, or from a Company Group Member to another Company Group Member, (ii) transfers, assignments, sales or other dispositions pursuant to Article II; or (iv) grants of security interests in or mortgages or liens on such Five-Year
Drilling Rigs, Non-Five-Year Drilling Rigs, RigCo Equity Interests or Intermediate RigCo Equity Interests in favor of a bona fide third party lender (but not the foreclosing of any such security interest, mortgage or lien). 

“Transfer Notice” has the meaning given such term in Section 5.2(b).  

“Transferring Party” has the meaning given such term in Section 5.2(b).  

“Transocean” has the meaning given such term in the preamble to this Agreement.  

  
 8 

 “Transocean Entities” means Transocean and any Person
controlled, directly or indirectly, by Transocean, other than the Company Group; provided, however, that for purposes of Article II, “Transocean Entities” shall not include any Affiliate of Transocean the common equity
of which is listed or traded on a recognized securities exchange or quotation system. 
 “Transocean
Inc.” has the meaning given such term in the preamble to this Agreement.  
 “Transocean
Marks” means trade names, registered and unregistered trademarks, service marks, domain names and e-mail addresses comprising or including the terms “Transocean,” “GlobalSantaFe,” “GSF,” “R&B
Falcon,” “Reading & Bates,” “R&B,” “RBF,” “Sedco,” “Sedco Forex,” “Global Marine,” “Santa Fe,” “Arcade,” or any translations or derivatives thereof, or
any terms of a confusingly similar nature, and all goodwill embodied in the foregoing.  
 “Transocean
Potential Transferee” has the meaning given such term in Section 5.2(a). 

“Transocean Sale Assets” has the meaning given such term in Section 5.2(a). 

“Transocean Transfer Notice” has the meaning given such term in Section 5.2(a). 

 “Transocean Transferring Party” has the meaning given such term in Section
5.2(a). 
 “Voting Securities” means securities of any class of Person entitling the
holders thereof to vote in the election of members of the board of directors or other similar governing body of the Person, which shall be the Common Units (as defined in the LLC Agreement) in the case of the Company.  

ARTICLE II 
 FIVE-YEAR
DRILLING RIG RESTRICTED BUSINESS OPPORTUNITIES 
 Section 2.1 Five-Year Drilling Rig Restricted Businesses. Subject to
Section 9.15 and except as permitted by Section 2.2, each of the Transocean Entities shall be prohibited from acquiring, owning, operating or contracting for any Five-Year Drilling Rigs. For the avoidance of doubt, an
amendment or an extension of less than five years to a drilling contract shall not be deemed to be contracting for any Five-Year Drilling Rig. 

Section 2.2 Permitted Exceptions. Notwithstanding any provision of Section 2.1 to the contrary, the restrictions in this
Agreement shall not prevent any Transocean Entity from: 
 (a) acquiring, owning, operating or contracting any Non-Five-Year
Drilling Rig; 
 (b) acquiring, owning, operating or contracting one or more Five-Year Drilling Rigs if such Transocean
Entity offers to sell such Five-Year Drilling Rig to the Company for the greater of (i) acquisition price or (ii) fair market value (taking into account, among other things, the anticipated cash flows under the associated drilling
contracts), plus in either case any Break-up Costs, in accordance with the procedures set forth in Section 4.1; 

  
 9 

 (c) constructing any drilling rig that, upon commencement of its drilling
contract, will become a Five-Year Drilling Rig (and acquiring, owning, operating or contracting such rig that is constructed) if, either after the entry into such drilling contract or upon commencement of such drilling contract, such Transocean
Entity offers to sell such Five-Year Drilling Rig to the Company, in accordance with the procedures set forth in Section 4.1; 

(d) putting a Non-Five-Year Drilling Rig under contract for a term of five years or longer and acquiring, owning and operating
such rig if, either before or after the time such rig becomes a Five-Year Drilling Rig, such Transocean Entity offers to sell such Non-Five-Year Drilling Rig to the Company for fair market value (taking into account, among other things, the
anticipated cash flows under the associated drilling contracts) plus any Break-up Costs (i) after the time it becomes a Five-Year Drilling Rig and (ii) at each renewal or extension of that contract for a term of five years or longer, in
each case in accordance with the procedures set forth in Section 4.1; 
 (e) acquiring one or more Five-Year
Drilling Rigs as part of the acquisition of a controlling interest in a business or package of assets and owning, operating or contracting such Five-Year Drilling Rig(s); provided, however, that: 

(i) if less than a majority of the value of the business (before taking into account any debt or other associated liabilities)
or assets to be acquired is attributable to Five-Year Drilling Rigs, as determined in good faith by or on behalf of Transocean’s board of directors, the Transocean Entity may consummate the acquisition of the business or assets but must
promptly thereafter offer to sell such Five-Year Drilling Rig(s) to the Company Group for the greater of (x) acquisition price or (y) fair market value (taking into account, among other things, the anticipated cash flows under the
associated drilling contracts), plus in either case any Break-up Costs in accordance with the procedures set forth in Section 4.1; and 

(ii) if a majority or more of the value of the business (before taking into account any debt or other associated liabilities)
or assets to be acquired is attributable to Five-Year Drilling Rigs, as determined in good faith by or on behalf of Transocean’s board of directors, such Transocean Entity must notify the Company of the proposed acquisition in writing in
advance of acquiring such business or assets. The Company shall, not later than the 10th calendar day following receipt of such notice, notify Transocean if it or any other Company Group Member wishes to acquire any Five-Year Drilling Rig forming
part of that business or package of assets in cooperation and simultaneously with the Transocean Entity acquiring the Non-Five-Year Drilling Rigs forming part of that business or package of assets. If the Company does not notify Transocean of its
intent to pursue the acquisition within such 10 calendar days, the Transocean Entity may proceed with the acquisition and then offer to sell Five-Year Drilling Rigs to the Company as provided in subsection (i) above; 

  
 10 

 (f) acquiring a non-controlling interest in any company, business or pool of
assets; 
 (g) acquiring, owning, operating or contracting any Five-Year Drilling Rig if the Company does not fulfill its
obligation to purchase such Five-Year Drilling Rig in accordance with the terms of any existing or future agreement; 
 (h)
acquiring, owning, operating or contracting any Five-Year Drilling Rig that is subject to an offer to purchase by a Company Group Member as described in paragraphs (b), (c), (d) and (e)(i) above, in each case pending
the offer of such Five-Year Drilling Rig to the Company and the Company’s determination pursuant to Section 4.1 whether to purchase the Five-Year Drilling Rig and, if the Company has determined to purchase or to cause any Company
Group Member to purchase such Five-Year Drilling Rig, pending the closing of such purchase; 
 (i) providing rig management,
operating or similar services relating to any drillship or other drilling rig, including pursuant to a transition services agreement, operating agreement, bareboat charter or other similar agreement; 

(j) owning or operating a Five-Year Drilling Rig that any Transocean Entity owns and operates as of the Closing Date
(including, for the avoidance of doubt, all drilling rigs under construction or contracted to be constructed as of the Closing Date that have or are contemplated to have a related drilling contract for a term of five years or longer, including the
Selected Drilling Rigs and any Mandatory Offer Assets that are not purchased by a Company Group Member) and that is not included in the fleet of drillships and other drilling rigs to be contributed to the Company Group on the Closing Date; 

(k) acquiring, owning, operating or contracting any Five-Year Drilling Rig if the Company has previously advised Transocean
that it consents to such acquisition, ownership, operation or contract; or 
 (l) acquiring, owning, operating or contracting
any Five-Year Drilling Rig in transactions with Transocean and any Person controlled, directly or indirectly, by Transocean, other than the Company Group. 

ARTICLE III 

NON-FIVE-YEAR DRILLING RIG RESTRICTED BUSINESS OPPORTUNITIES 

Section 3.1 Non-Five-Year Drilling Rig Restricted Businesses. Subject to Section 9.15 and except as permitted by
Section 3.2, each Company Group Member shall be prohibited from acquiring, owning, operating or contracting for any Non-Five-Year Drilling Rigs. 

Section 3.2 Permitted Exceptions. Notwithstanding any provision of Section 3.1 to the contrary, the restrictions in
this Agreement shall not prevent any Company Group Member from: 

  
 11 

 (a) acquiring, owning, operating or contracting any Five-Year Drilling Rig; 

(b) acquiring, owning, operating or contracting one or more Non-Five-Year Drilling Rigs if such Company Group Member offers to
sell such Non-Five-Year Drilling Rig to Transocean for the greater of (i) acquisition price or (ii) its fair market value (taking into account, among other things, the anticipated cash flows under such drilling contracts), plus in either
case any Break-up Costs in accordance with the procedures set forth in Section 4.1; 
 (c) constructing any
drilling rig that, upon commencement of its drilling contract, will become a Non-Five-Year Drilling Rig (and acquiring, owning, operating or contracting such rig that is constructed) if, either after the entry into the drilling contract or upon
commencement of the drilling contract, such Company Group Member offers to sell such Non-Five-Year Drilling Rig to Transocean in accordance with the procedures set forth in Section 4.1; 

(d) putting a Five-Year Drilling Rig under contract for a term of less than five years and acquiring, owning and operating such
rig if, either before or after the time such rig becomes a Non-Five-Year Rig, the Company offers to sell such Five-Year Drilling Rig to Transocean for its fair market value (taking into account, among other things, the anticipated cash flows under
the associated drilling contracts) plus any Break-up Costs (i) after the time it becomes a Non-Five-Year Drilling Rig and (ii) at each renewal or extension of that contract (other than a renewal or extension with the existing customer for
that rig) for a term of less than five years; 
 (e) acquiring one or more Non-Five-Year Drilling Rigs as part of the
acquisition of a controlling interest in a business or package of assets and owning, operating or contracting such Non-Five-Year Drilling Rig(s); provided, however, that: 

(i) if less than a majority of the value of the business (before taking into account any debt or other associated liabilities)
or assets acquired is attributable to Non-Five-Year Drilling Rigs, as determined in good faith by the Conflicts Committee, the Company Group Member may consummate the acquisition of the business or assets but must promptly thereafter offer to sell
such Non-Five-Year Drilling Rig(s) to Transocean for the greater of (i) acquisition price or (ii) fair market value (taking into account, among other things, the anticipated cash flows under the associated drilling contracts), plus in
either case any Break-up Costs in accordance with the procedures set forth in Section 4.1; and 
 (ii) if a
majority or more of the value of the business (before taking into account any debt or other associated liabilities) or assets acquired is attributable to Non-Five-Year Drilling Rigs, as determined in good faith by the Conflicts Committee, such
Company Group Member must notify Transocean of the proposed acquisition in writing in advance of acquiring such business or assets. Transocean shall, not later than the 10th calendar day following receipt of such notice, notify the Company if it or
any other Transocean Entities wishes to 

  
 12 

 
acquire any Non-Five-Year Drilling Rig forming part of that business or package of assets in cooperation and simultaneously with the Company Group Member acquiring the Five-Year Drilling Rigs
forming part of that business or package of assets. If Transocean does not notify the Company of its intent to pursue the acquisition within such 10 calendar days, the Company Group Member may proceed with the acquisition and then offer to sell
Non-Five-Year Drilling Rigs to Transocean as provided in subsection (i) above; 
 (f) acquiring a non-controlling
interest in any company, business or pool of assets; 
 (g) acquiring, owning, operating or contracting any Non-Five-Year
Drilling Rig if Transocean does not fulfill its obligation to purchase such Non-Five-Year Drilling Rig in accordance with the terms of any existing or future agreement; 

(h) acquiring, owning, operating or contracting any Non-Five-Year Drilling Rig that is subject to an offer to purchase by a
Transocean Entity as described in paragraphs (b), (c), (d) and (e)(i) above, in each case pending the offer of such Non-Five-Year Drilling Rig to Transocean and Transocean’s determination pursuant to
Section 4.1 whether to purchase the Non-Five-Year Drilling Rig and, if Transocean has determined to purchase or to cause any Transocean Entity to purchase such Non-Five-Year Drilling Rig, pending the closing of such purchase; 

(i) acquiring, owning, operating or contracting any Non-Five-Year Drilling Rig if Transocean has previously advised the Company
that it consents to such acquisition, ownership, operation or contract; or 
 (j) acquiring, owning, operating or contracting
any Non-Five-Year Drilling Rig in transactions with any other Company Group Members. 
 ARTICLE IV 

BUSINESS OPPORTUNITIES PROCEDURES 

Section 4.1 Procedures. 

(a) In the event that (i) a Transocean Entity acquires, operates, puts under contract or constructs any drilling rig that
upon commencement of its drilling contract will become a Five-Year Drilling Rig in accordance with Sections 2.2(b), 2.2(c), 2.2(d) or 2.2(e)(i) (but subject to any other exceptions in this Agreement), or (ii) a
Company Group Member acquires, operates, puts under contract or constructs any drilling rig that upon commencement of its drilling contract will become a Non-Five-Year Drilling Rig in accordance with Sections 3.2(b), 3.2(c),
3.2(d) or 3.2(e)(i), then not later than 90 calendar days after the first to occur of the consummation of the acquisition, such commencement of the drilling contract (or, instead, in the case of a newly constructed rig that is required
to be offered for sale pursuant to Section 2.2(c) or Section 3.2(c), within 120 days after either, at the option of the Offeror, the entry into the drilling contract or the 

  
 13 

 
commencement of the drilling contract), such acquiring, contracting or constructing Party (the “Offeror”) shall notify the Board (if the Offeror is a Transocean Entity) or
Transocean (if the Offeror is a Company Group Member) and offer the Company or Transocean, as applicable (such Person, together with the other Company Group Members or the Transocean Entities which such Person may cause to purchase any Offered
Assets pursuant to this Section 4.1, as applicable, the “Offeree”) the opportunity for the Offeree to purchase such Non-Five-Year Drilling Rig or Five-Year Drilling Rig, as the case may be (the “Offered
Assets”), for (i) in the case of an acquisition in accordance with Sections 2.2(b), 2.2(e)(i), 3.2(b) or 3.2(e)(i), the greater of (x) acquisition price or (y) fair market value (taking into
account, among other things, the anticipated cash flows under the associated drilling contracts), plus in each case Break-up Costs, (ii) in the case of a newbuild in accordance with Sections 2.2(c) or 3.2(c), (x) the
Construction Price (if the offer was made after the entry into the relevant drilling contract) or (y) the greater of Construction Price or fair market value (taking into account, among other things, the anticipated cash flows under the
associated drilling contracts) (if the offer was made after commencement of such drilling contract), plus in each case Break-up Costs or (iii) in the case of putting a drillship or other drilling rig under contract in accordance with
Sections 2.2(d) or 3.2(d), for fair market value (taking into account, among other things, the anticipated cash flows under the associated drilling contracts), plus Break-up Costs (in the case of each of (i), (ii) and
(iii) on mutually agreed terms in accordance with this Section 4.1 (the “Offer”). The Offer shall set forth the Offeror’s proposed terms relating to the purchase of the Offered Assets by the applicable
Offeree, including any liabilities to be assumed by the applicable Offeree as part of the Offer. As soon as practicable after the Offer is made, the Offeror will deliver to the Offeree all information prepared by or on behalf of or in the possession
of such Offeror relating to the Offered Assets and reasonably requested by the Offeree. 
 (b) As soon as practicable, but in
any event, within [60] calendar days after receipt of the Offer, the Offeree shall notify the Offeror in writing that either: 

(i) The Offeree has elected not to purchase such Offered Assets, in which event the Offeror and its Affiliates shall be forever
free to continue to own, operate and contract such Offered Assets, subject to Sections 2.2(d), 3.2(d) and 4.2 and Article V; or 

(ii) The Offeree has elected to purchase such Offered Assets, in which event the procedures set forth in
Section 4.1(c) shall be followed. 
 (c) After the receipt of the Offer by the Offeree, 

(i) the Offeror and the Offeree shall negotiate or otherwise attempt in good faith to reach agreement regarding the fair market
value (taking into account, among other things, the anticipated cash flows under the associated drilling contracts) of the Offered Assets (and any applicable Break-up Costs) that are subject to the Offer, as applicable, and the other terms of the
Offer on which the Offered Assets will be sold to the applicable Offeree. If the Offeror and the Offeree agree on such fair market value of the Offered Assets that are subject to 

  
 14 

 
the Offer, as applicable, and the other terms of the Offer during the [30]-day period (the “Offer Period”) after receipt by the Offeror of the election described in
Section 4.1(b)(ii), the Offeree shall purchase the Offered Assets on such terms as soon as commercially practicable after such agreement has been reached. 

(ii) If the Offeror and the Offeree are unable to agree on the fair market value (taking into account, among other things, the
anticipated cash flows under the associated drilling contracts) of the Offered Assets that are subject to the Offer, as applicable, or on any other terms of the Offer during the Offer Period, the Offeror and the Offeree will engage a mutually
agreed-upon investment banking firm, rig broker or other expert advisor within five business days after the end of the Offer Period to determine such fair market value of the Offered Assets, as applicable, and/or the other terms on which the Offeror
and the Offeree are unable to agree. If the Offeror and the Offeree are unable to agree on an investment banking firm, rig broker or other expert advisor, each of them shall select an investment banking firm, rig broker or other expert advisor and
such expert advisors shall together agree upon an investment banking firm, rig broker or other expert advisor, which one agreed-upon investment banking firm, rig broker or other expert will act as described in the remainder of this
Section 4.1(c). In determining such fair market value of the Offered Assets, as applicable, and other terms on which the Offered Assets are to be sold, the investment banking firm, rig broker or other expert advisor, as applicable, will
have access to the proposed sale and purchase values and terms for the Offer submitted by the Offeror and the Offeree, respectively, and to all information prepared by or on behalf of the Offeror relating to the Offered Assets and reasonably
requested by such investment banking firm, rig broker or other expert advisor. Such investment banking firm, rig broker or other expert advisor will determine such fair market value of the Offered Assets, as applicable, and/or the other terms on
which the Offeror and the Offeree are unable to agree within 30 calendar days of its engagement and furnish the Offeror and the Offeree its determination in writing. The fees and expenses of the investment banking firm, rig broker or other expert
advisor, as applicable, will be divided equally between the Offeror and the Offeree. 
 (iii) Upon receipt of such
determination, the Offeree will have the right, but not the obligation: 
 (A) to purchase the Offered Assets for fair
market value (taking into account, among other things, the anticipated cash flows under the associated drilling contracts), acquisition price or Construction Price, as applicable, and in each case including any applicable Break-up Costs, and on the
other terms determined by the investment banking firm, rig broker or other expert advisor, as soon as commercially practicable after determinations have been made; or 

(B) not to purchase such Offered Assets, in which event the Offeror and its Affiliates shall be forever free to continue to
own, operate and contract such Offered Assets, subject to Sections 2.2(d), 3.2(d) and 4.2 and Article V. 

  
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 (d) If an Offeree chooses to purchase the Offered Assets under
Section 4.2(c), the applicable parties shall enter into a purchase and sale agreement for the purchase and sale of the applicable Offered Asset as specified herein and otherwise on customary terms and conditions pursuant to which the
Offeror shall be obligated to sell the applicable Offered Asset to the Offeree, and the Offeree shall be obligated to purchase such Offered Assets from the Offeror on the terms either agreed upon or determined in accordance with
Section 4.2(c). 
 (e) The Parties acknowledge that the potential transfer of the Offered Assets pursuant to this
Article IV is subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties and to the terms of all agreements existing as of the date hereof in respect of the Offered Assets including
any rights of first refusal and similar agreements of the parties to such agreements to purchase the Offered Assets. The Offeror hereby covenants and agrees to use its reasonable efforts to obtain any such consents required to be obtained by it in
connection with the transfer of the Offered Assets pursuant to this Article IV; provided, however, that in obtaining any antitrust or competition-related regulatory consent, nothing in this Agreement shall require any Transocean
Entity or Company Group Member to dispose of any of its assets, limit its freedom of action with respect to any of its businesses or consent to any disposition of its assets or limits on its freedom of action with respect to any of its businesses.

 (f) In determining the fair market value, as applicable, and/or other terms in accordance with Section 4.1(c),
the investment banking firm, rig broker or other expert advisor: (i) shall determine only those items upon which the Parties have not agreed, (ii) shall assume that all other terms of the transaction are the terms upon which the Parties
agree, (iii) shall take into account, among other things, the anticipated cash flows under the drilling contract(s) associated with the Offered Assets, (iv) shall apply no discount for illiquidity or minority interests; (v) shall have
no power to set any terms that would require the payment of consideration other than cash in U.S. dollars without the express agreement of the Offeror and the Offeree; and (vi) shall have no power to require that any Party or its Affiliates
provide a guarantee or other support with respect to the associated drilling contract. 
 Section 4.2 Scope of Prohibition. 

(a) If any Transocean Entity engages in the ownership or operation of Five-Year Drilling Rigs pursuant to any of the exceptions
described in Section 2.2, the Transocean Entity may not subsequently enter into new drilling contracts for such Five-Year Drilling Rigs except in compliance with Section 2.2(d). 

(b) If any Company Group Member engages in the ownership or operation of Non-Five-Year Drilling Rigs pursuant to any of the
exceptions described in Section 3.2, the Company Group Members may not subsequently enter into new drilling contracts for such Non-Five-Year Drilling Rigs except in compliance with Section 3.2(d). 

  
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 ARTICLE V 

RIGHTS OF FIRST OFFER 

Section 5.1 Rights of First Offer. 

(a) Transocean, for itself and on behalf of all other Transocean Entities, hereby grants the Company a right of first offer on
any proposed Transfer of any equity interests in any Intermediate RigCo (“Intermediate RigCo Equity Interests”) and any RigCo (“RigCo Equity Interests”) by the Transocean Entities. 

(b) The Company, for itself and on behalf of all other Company Group Members, hereby grants Transocean a right of first offer
on any proposed Transfer of any (i) Intermediate RigCo Equity Interests and RigCo Equity Interests by the Company and (ii) Five-Year Drilling Rigs or Non-Five-Year Drilling Rigs owned or acquired by any Company Group Member after the
Closing Date; provided, however, that, for the avoidance of doubt, the right of first offer with respect to clause (b)(ii) above shall not apply to a merger of the Company with or into, or sale of substantially all of the assets
of the Company Group to, an unaffiliated third-party. 
 (c) The Parties acknowledge that all potential Transfers of
Five-Year Drilling Rigs, Non-Five-Year Drilling Rigs, Intermediate RigCo Equity Interests or RigCo Equity Interests pursuant to this Article V are subject to obtaining any and all written consents of governmental authorities and other
non-affiliated third parties and to the terms of all existing agreements, in respect of such Five-Year Drilling Rig, Non-Five-Year Drilling Rig, Intermediate RigCo Equity Interests or RigCo Equity Interests, as applicable; provided,
however, that in obtaining any antitrust or competition-related regulatory consent, nothing in this Agreement shall require any Transocean Entity or Company Group Member to dispose of any of its assets, limit its freedom of action with
respect to any of its businesses or consent to any disposition of its assets or limits on its freedom of action with respect to any of its businesses. 

(d) The Parties acknowledge and agree that nothing in this Section 5.1 shall prevent or restrict the Transfer of
the capital stock, equity ownership interests or other securities of TPHL (or, for the avoidance of doubt, any Transocean Entity owning equity interests in TPHL or the Intermediate RigCo Equity Interests, the RigCo Equity Interests) or the Company.

 Section 5.2 Procedures for Rights of First Offer. 

(a) In the event that a Transocean Entity (a “Transocean Transferring Party”) proposes to
Transfer any of its RigCo Equity Interests or Intermediate RigCo Equity Interest (the “Transocean Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering
to Transfer the 

  
 17 

 
Transocean Sale Assets to any non-affiliated third party, such Transocean Transferring Party shall give the Company (a “Transocean Potential Transferee”) written
notice setting forth all material terms and conditions (including a description of the Transocean Sale Asset(s) and the purchase price or the terms of the agreement on which such Transocean Transferring Party desires to Transfer the Transocean Sale
Assets) (a “Transocean Transfer Notice”).  
 (b) In the event that a
Company Group Member (a “Company Transferring Party” and, together with a Transocean Transferring Party, a “Transferring Party”) proposes to Transfer any Non-Five-Year Drilling Rig, Five-Year Drilling
Rig, its RigCo Equity Interests or Intermediate RigCo Equity Interest (the “Company Sale Assets” and, together with Transocean Sale Assets, the “Sale Assets”), prior to engaging in any negotiation for
such Transfer with any non-affiliated third party or otherwise offering to Transfer the Company Sale Assets to any non-affiliated third party, such Company Transferring Party shall give Transocean (a “Company Potential
Transferee” and, together with Transocean Potential Transferee, a “Potential Transferee”) written notice setting forth all material terms and conditions (including a description of the Company Sale Asset(s) and
the purchase price or the terms of the agreement on which such Company Transferring Party desires to Transfer the Company Sale Assets) (a “Company Transfer Notice” and, together with Transocean Transfer Notice, each a
“Transfer Notice”).  
 (c) After delivery of a Transfer Notice, the
Transferring Party then shall, if requested by the Potential Transferee, be obligated to negotiate in good faith for a 30-day period following the delivery by the Transferring Party of the Transfer Notice (the “First Offer Negotiation
Period”) to reach an agreement for the Transfer of such Sale Assets to the Potential Transferee or any of its Affiliates on the terms and conditions set forth in the Transfer Notice and otherwise on customary terms and conditions. If no
such agreement with respect to the Sale Assets is reached during the First Offer Negotiation Period, and the Transferring Party has not Transferred, or agreed in writing to Transfer, such Sale Assets to a third party within 180 calendar days after
the end of the First Offer Negotiation Period on terms generally no less favorable to the Transferring Party than those included in the Transfer Notice, then the Transferring Party shall not thereafter Transfer any of such Sale Assets without first
offering such assets to the applicable Potential Transferee in the manner provided above.  
 ARTICLE VI 

MANDATORY OFFERS OF CERTAIN SELECTED DRILLING RIGS 

Section 6.1 Mandatory Offers to Purchase Certain Selected Drilling Rigs. 

(a) Transocean hereby agrees to offer to the Company Group, at any time within five years after the Closing Date,
as determined by Transocean in its sole discretion, at least a 51% interest in four of the Selected Drilling Rigs (each, a “Mandatory Offer Asset” and, together, the “Mandatory Offer Assets”) at a
purchase price equal to the greater of (i) the fair market value (taking into account, among other things, the anticipated cash flows under the associated drilling contracts) and (ii) the Construction Price, plus in each case any
associated Break-up Costs (the “Mandatory Offer Asset Price”).  

  
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 (b) The Parties acknowledge that the potential transfer of the Mandatory Offer
Assets pursuant to this Article VI is subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties and to the terms of all agreements existing as of the date hereof in respect of the
Mandatory Offer Assets including any rights of first refusal and similar agreements of the parties to such agreements to purchase the Mandatory Offer Assets. Transocean hereby covenants and agrees to use its reasonable efforts to obtain any such
consents required to be obtained by it in connection with the transfer of the Mandatory Offer Assets pursuant to this Article VI; provided, however, that in obtaining any antitrust or competition-related regulatory consent,
nothing in this Agreement shall require any Transocean Entity or Company Group Member to dispose of any of its assets, limit its freedom of action with respect to any of its businesses or consent to any disposition of its assets or limits on its
freedom of action with respect to any of its businesses. 
 Section 6.2 Procedures. 

(a) When Transocean decides to offer a Mandatory Offer Asset to the Company Group, it shall provide written
notice to the Company Group of such offer (the “Mandatory Offer Asset Notice”), the Selected Drilling Rig that is subject to the offer, the purchase price thereof, and the other material terms of the purchase.

 (b) As soon as practicable, but in any event, within 60 calendar days after receipt of the Mandatory Offer Asset
Notice, the Company shall notify Transocean in writing either: (i) that no Company Group Member has elected to purchase such Mandatory Offer Asset or (ii) that a Company Group Member has elected to purchase such Mandatory Offer Asset, in
which event the procedures set forth in Section 6.1(c) shall be followed. Failure to give such notice within such period shall be deemed a notice contemplated by clause (i). The decision to purchase the applicable Mandatory Offer
Asset, the purchase price to be paid for the applicable Mandatory Offer Asset, and the other terms of the purchase shall be approved by the Conflicts Committee. 

(c) The Company Group Member may contest the Mandatory Offer Asset Price and/or any other material terms by delivering a notice
to Transocean (the “Contest Notice”) within 60 calendar days of receipt of the Mandatory Offer Asset Notice. After delivery of a Contest Notice, the Company Group Member and Transocean shall be obligated to negotiate in good
faith for a 30-day period following the delivery of the Contest Notice to reach an agreement Mandatory Offer Asset Price and/or any other material terms set forth in the Mandatory Offer Asset Notice. If the Company Group Member and Transocean are
unable to agree on the Mandatory Offer Asset Price and/or the other material terms, the Company Group Member and Transocean shall engage a mutually agreed-upon investment banking firm, rig broker or other expert advisor to determine the fair market
value (taking into account, among other things, the anticipated cash flows under the associated drilling contracts) of the applicable Mandatory Offer 

  
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Asset and/or any other material terms on which the Company Group Member and Transocean are unable to agree. If the Company Group Member and Transocean are unable to agree on an investment banking
firm, rig broker or other expert advisor, each of them shall select an investment banking firm, rig broker or other expert advisor and such expert advisors shall together agree upon an investment banking firm, rig broker or other expert advisor,
which one agreed-upon investment banking firm, rig broker or other expert advisor will act as described in the remainder of this Section 6.2(c). In determining such fair market value of the applicable Mandatory Offer Asset and/or the
other material terms on which the applicable Mandatory Offer Asset will be sold, the investment banking firm, rig broker or other expert advisor, as applicable, will have access to the proposed sale and purchase values and terms for the offer
submitted by the Company Group Member and Transocean, respectively, and to all information prepared by or on behalf of the Company Group Member and Transocean with respect to the Mandatory Offer Assets that is reasonably requested by such investment
banking firm, rig broker or other expert advisor. Such investment banking firm, rig broker or other expert advisor will determine such fair market value of the applicable Mandatory Offer Asset and/or the other terms on which the Company Group Member
and Transocean were unable to agree within 30 calendar days of its engagement and furnish the Company Group Member and Transocean its determination in writing. The fees and expenses of the investment banking firm, rig broker or other expert advisor,
as applicable, will be divided equally between the Company Group Member and Transocean. Upon receipt of such determination, the Company Group Member will have the right, but not the obligation to purchase the applicable Mandatory Offer Asset for the
greater of (i) fair market value (taking into account, among other things, the anticipated cash flows under the associated drilling contracts) as determined by the investment banking firm, rig broker or other expert advisor or (ii) the
Construction Price, on the other terms determined by the investment banking firm, rig broker or other expert advisor as soon as commercially practicable after determinations have been made. 

(d) If a Company Group Member chooses to purchase the Mandatory Offer Assets under Sections 6.2(b) and (c), the
applicable parties shall enter into a purchase and sale agreement for the purchase and sale of the applicable Mandatory Offer Asset as specified herein and otherwise on customary terms and conditions pursuant to which Transocean shall be obligated
to sell the applicable Mandatory Offer Asset to the Company Group Member and the Company Group Member shall be obligated to purchase such Mandatory Offer Asset from Transocean on the terms either agreed upon or determined in accordance with
Section 6.2(c). The terms of the purchase and sale agreement will include the following: 
 (i) the Company Group
Member will deliver a cash purchase price (unless the Company Group Member and Transocean agree that the consideration will be paid by means of equity of the Company, an interest-bearing promissory note or other form of consideration); 

(ii) the Company Group will be entitled to the benefit of the indemnification contained in Article VII for the remaining
term of such indemnification with respect to events or conditions associated with the operation of the purchased Mandatory Offer Assets and occurring before the date of acquisition of the applicable Mandatory Offer Asset by the Company Group Member;

  
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 (iii) Transocean will provide customary representations and warranties with
respect to title to the applicable Mandatory Offer Asset and any other such matters as Transocean may approve; 
 (iv)
Transocean will grant to the Company Group Member the right, exercisable at the Company Group Member’s risk and expense, to make such surveys, tests and inspections of the Mandatory Offer Asset as the Company Group Member may deem desirable, so
long as such surveys, tests or inspections do not damage the Mandatory Offer Asset or interfere with the activities of the Transocean Entities thereon and so long as the Company Group Member has furnished Transocean with evidence that adequate
liability insurance is in full force and effect; 
 (v) the Company Group Member will have the right to terminate its
obligation to purchase the Mandatory Offer Asset under this Article VI and the related purchase and sale agreement if the results of any searches, surveys, tests or inspections conducted pursuant to paragraph (iv) above are, in
the reasonable opinion of the Company Group Member, unsatisfactory; and 
 (vi) neither Transocean nor the applicable Company
Group Member shall have any obligation to sell or buy the Mandatory Offer Asset if any of the consents referred to in Section 6.1(b) above have not been obtained. 

(e) In determining the fair market value, as applicable, and/or other terms in accordance with Section 6.2(c), the
investment banking firm, rig broker or other expert advisor: (i) shall determine only those items upon which the Parties have not agreed, (ii) shall assume that all other terms of the transaction are the terms upon which the Parties agree,
(iii) shall take into account the anticipated cash flows under the drilling contract(s) associated with the Mandatory Offer Asset, (iv) shall apply no discount for illiquidity or minority interests; (v) shall have no power to set any
terms that would require the payment of consideration other than cash in U.S. dollars without the express agreement of Transocean and the Company; and (vi) shall have no power to require that any Party or its Affiliates provide a guarantee or
other support with respect to the associated drilling contract. 
 (f) If a Company Group Member chooses or is deemed to have
chosen not to exercise its right to purchase the Mandatory Offer Asset at the price determined by the investment banking firm, rig broker or other expert advisor under Section 6.2(c), all future rights to purchase such Mandatory Offer
Asset by the Company Group under this Article VI will be extinguished. For the avoidance of doubt, such Mandatory Offer Asset shall thereafter be subject to the other terms of this Agreement (including Section 2.2(d)), 

  
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 Section 6.3 Transfers of Drilling Contracts. If a Transocean Entity sells a Five-Year
Drilling Rig or a Mandatory Offer Asset under any provision of this Agreement for which the associated drilling contract is held by a Subsidiary of Transocean, then if requested by Transocean, the Company and the Transocean Entity will use
reasonable efforts to provide for the novation of such drilling contract to a Company Group Member, simultaneously with such sale, or if such novation is not so effected, the Parties will enter into operating agreements on terms substantially
similar to those entered into by Transocean with third parties under which a Transocean Entity will continue to operate such rig under such drilling contract. 

ARTICLE VII 

INDEMNIFICATION 

Section 7.1 Indemnification Generally. Except to the extent otherwise provided in any agreement between one or more Transocean
Entities, on the one hand, and one or more Company Group Members, on the other hand, and subject to the provisions of Section 7.3 and Section 7.4, Transocean Inc. shall indemnify, defend and hold harmless the applicable
Company Group Member from and against: (a) any Covered Environmental Losses relating to the assets contributed by the applicable Transocean Entities to such Company Group Member prior to or on the Closing Date (the “Contribution
Assets”) to the extent that Transocean Inc. is notified by the Company of any such Covered Environmental Losses within five years after the Closing Date; (b) Liabilities to such Company Group Member arising from (i) the
failure of such Company Group Member, immediately after the Closing Date, to be the owner of such valid leasehold interests or fee ownership interests in and to the applicable Contribution Assets as are necessary to enable such Company Group Member
to own and operate the applicable Contribution Assets in substantially the same manner that such Contribution Assets were owned and/or operated by the applicable Transocean Entities immediately prior to the respective dates on which each such
Contribution Asset was acquired by such Company Group Member, (ii) without limiting the generality of the other provisions hereof, any judicial determination substantially to the effect that the Transocean Entity that Transferred any
Contribution Asset to such Company Group Member pursuant to the Contribution Agreement did not receive reasonably equivalent value in exchange therefor or was rendered insolvent by reason of such Transfer or (iii) the failure of such Company
Group Member to have by the Closing Date any consent or governmental permit necessary to allow such Company Group Member to own or operate the applicable Contribution Assets in substantially the same manner that such Contribution Assets were owned
and/or operated by the applicable Transocean Entities immediately prior to the respective dates on which each such Contribution Asset was acquired by such Company Group Member, in each of clauses (b)(i) and (b)(iii) above, to the
extent that Transocean is notified by the Company of such Liabilities within three years after the Closing Date; (c) all Tax liabilities attributable to the ownership and operation of the applicable Contribution Assets prior to the Closing
Date, including any such Tax liabilities of the applicable Transocean Entities that may result from the consummation of the formation transactions for such Company Group Member to the extent that Transocean is notified by the Company of any such Tax
liabilities within the applicable statute of limitations plus 60 days, but excluding any Taxes reserved on the books of such Company Group Member on the Closing Date; and (d) lost revenues arising out of the failure of such Company Group Member
to receive an operating dayrate from Chevron for Discoverer Clear Leader, up to $[•], for the period commencing on the Closing Date through the date of completion of the scheduled 2014 special periodic survey. 

  
 22 

 Section 7.2 Macondo Well Incident and Related Matters. Subject to the provisions of
Sections 7.3 and 7.4, Transocean Inc. shall indemnify, defend and hold harmless the Company Group from and against (i) any Liabilities (other than Taxes) arising out of the Macondo well incident that occurred in the U.S. Gulf of
Mexico on April 20, 2010 (to the extent such Liabilities arising out of the Macondo well incident arose prior to the Closing Date) and (ii) any Liabilities (other than Taxes) arising out of the failure of any of the Transocean Entities to
comply with (x) the Consent Decree, (y) the EPA Agreement or (z) any similar decree or agreement that requires any Company Group Member to comply with requirements and that arises out of the Macondo well incident. For the avoidance of
doubt, such indemnity (i) shall be limited to any Liabilities arising out of (x) the affiliation of the Company Group and its assets with the Transocean Entities or (y) the involvement, if any, of the Company Group and its assets in
the Macondo well incident and (ii) specifically shall not include any Liabilities arising from any Law or customer requests or requirements or otherwise generally applicable to other drilling contractors. 

Section 7.3 Limitation Regarding Indemnification. 

(a) The aggregate liability of Transocean under Section 7.1(a) above shall not exceed $10,000,000. Furthermore, no
claim may be made against Transocean for indemnification pursuant to Section 7.1(a), unless the aggregate dollar amount of all claims for indemnification pursuant to such section shall exceed $500,000, in which case Transocean shall be
liable for claims for indemnification only to the extent such aggregate amount exceeds $500,000. Any claims for indemnification pursuant to Section 7.1(a) contained on Schedule 7.3 are not subject to the limitations in this
Section 7.3(a). 
 (b) IN NO EVENT SHALL
ANY PARTY’S INDEMNIFICATION OBLIGATION HEREUNDER COVER OR INCLUDE ANY
CONSEQUENTIAL DAMAGES, WHETHER OR NOT SUCH PARTY HAS BEEN ADVISED OF
THE POSSIBILITY OF SUCH DAMAGES; PROVIDED, HOWEVER, THAT THE
FOREGOING LIMITATIONS SHALL NOT LIMIT EACH PARTY’S INDEMNIFICATION OBLIGATIONS
FOR LIABILITIES TO THIRD PARTIES AS SET FORTH IN THIS ARTICLE VII. 

(c) For the avoidance of doubt, there is no monetary cap on the amount of indemnity coverage provided by any indemnifying party
under Sections 7.1(b), 7.1(c) and 7.2. 
 (d) THE FOREGOING
INDEMNITIES ARE INTENDED TO BE ENFORCEABLE AGAINST THE PARTIES IN ACCORDANCE
WITH THE EXPRESS TERMS AND SCOPE THEREOF NOTWITHSTANDING ANY EXPRESS NEGLIGENCE
RULE OR ANY SIMILAR DIRECTIVE THAT WOULD PROHIBIT OR OTHERWISE LIMIT
INDEMNITIES BECAUSE OF THE SOLE, CONCURRENT, ACTIVE OR PASSIVE NEGLIGENCE, STRICT
LIABILITY OR FAULT OF ANY OF THE INDEMNIFIED PARTIES. 

  
 23 

 Section 7.4 Indemnification Procedures. 

(a) The Parties entitled to indemnification under this Article VI (the “Indemnified
Parties”) agree that within a reasonable period of time after they become aware of facts giving rise to a claim for indemnification pursuant to this Article VII, they will provide notice thereof in writing to the Party against
whom indemnification is sought (the “Indemnifying Party”) specifying the nature of and specific basis for such claim.  

(b) The Indemnifying Party shall have the right to control all aspects of the defense of (and any counterclaims with respect
to) any claims brought against the Indemnified Party or its Affiliates that are covered by the indemnification set forth in this Article VII, including the selection of counsel, determination of whether to appeal any decision of any court and
the settling of any such matter or any issues relating thereto; provided, however, that no such settlement shall be entered into without the consent (which consent shall not be unreasonably withheld) of the Indemnified Party unless it
includes a full release of the Indemnified Party from such matter or issues, as the case may be. 
 (c) The Indemnified
Parties agree to cooperate fully with the Indemnifying Party with respect to all aspects of the defense of any claims covered by the indemnification set forth in this Article VII, including the prompt furnishing to the Indemnifying Party of
any correspondence or other notice relating thereto that the Indemnified Parties may receive, permitting the names of the Indemnified Parties to be utilized in connection with such defense, the making available to the Indemnifying Party of any
files, records or other information of the Indemnified Parties that the Indemnifying Party considers relevant to such defense and the making available to the Indemnifying Party of any employees of the Indemnified Parties; provided,
however, that in connection therewith Indemnifying Party agrees to use reasonable efforts to minimize the impact thereof on the operations of the Indemnified Parties and further agrees to maintain the confidentiality of all files, records and
other information furnished by an Indemnified Party pursuant to this Section 7.4. In no event shall the obligation of the Indemnified Parties to cooperate with the Indemnifying Party as set forth in the immediately preceding sentence be
construed as imposing upon the Indemnified Parties an obligation to hire and pay for counsel in connection with the defense of any claims covered by the indemnification set forth in this Article VII; provided, however, that the
Indemnified Parties may, at their own option, cost and expense, hire and pay for counsel in connection with any such defense. The Indemnifying Party agrees to keep any such counsel hired by the Indemnified Parties reasonably informed as to the
status of any such defense (including providing such counsel with such information related to any such defense as such counsel may reasonably request) but the Indemnifying Party shall have the right to retain sole control over such defense. 

In determining the amount of any Liabilities for which any Indemnified Party is entitled to indemnification under this
Agreement, the gross amount of the indemnification will be reduced by (a) any insurance proceeds realized by the Indemnified Parties, and such correlative insurance benefit shall be net of any incremental insurance premium that becomes due and
payable by the Indemnified Parties as a result of such claim, (b) all amounts recovered by the Indemnified Parties under contractual indemnities from third Persons, and (c) any Liabilities occurring after such time as any Indemnified Party
became aware of such violations, events or conditions and, with the exercise of reasonable diligence or effort, such Liabilities could have been mitigated. The 

  
 24 

 
Indemnified Parties hereby agrees to use commercially reasonable efforts to realize any applicable insurance proceeds or amounts recoverable under such contractual indemnities; provided,
however, that the costs and expenses (including court costs and reasonable attorneys’ fees) of the Indemnified Parties in connection with such efforts shall be promptly reimbursed by the Indemnifying Party in advance of any determination
of whether such insurance proceeds or other amounts will be recoverable. 
 ARTICLE VIII 

LICENSE OF NAME AND TRADEMARK 

Section 8.1 License of Name and Trademark. Transocean grants to the Company a nontransferable, nonexclusive, royalty-free right
and license to use the Transocean Marks for so long as Transocean controls the Transocean Member (as defined in the LLC Agreement). 

Section 8.2 Termination upon Change of Control. Upon a Change of Control of TPHL or of the Company, the license granted pursuant
to Section 8.1 shall automatically terminate, subject to a [90]-day grace period to allow the Company to remove the Transocean Marks. 

ARTICLE IX 

MISCELLANEOUS 

Section 9.1 Notices. All correspondence or notices required or permitted to be given under this Agreement shall be given in
English and sent by mail, fax or electronic mail or delivered by hand at the addresses set forth on the signature pages hereto or such other address or fax number as either Party may designate to the other Party in writing. Notices will be
deemed to be delivered at the time of mail room receipt, if sent by mail or hand delivery, by the time of successful transmission, if sent by fax, or on the read receipt email if sent by email. 

Section 9.2 Construction Rules. 

(a) A reference to an Article, Section or Schedule shall mean an Article or Section of, or a Schedule to, this Agreement unless
otherwise explicitly set forth. The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a whole. 

(b) The words “include,” “includes” and “including” when used in this Agreement shall be deemed
in each case to be followed by the words “without limitation.” 
 (c) The words “hereof,”
“herein” and “herewith” and words of similar import will, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. 

(d) The word “or” when used in this Agreement will not be exclusive. 

  
 25 

 (e) Words in the singular when used in this Agreement will be held to include the
plural. 
 (f) Unless specifically stated otherwise, all dollar amounts referred to in this Agreement or required to be paid
pursuant to this Agreement are expressed in and shall be paid in United States Dollar funds. 
 Section 9.3 Binding Effect;
Assignment. This Agreement shall inure to the benefit of and be binding upon the Parties and their respective legal representatives and successors. Neither Party may assign its rights and/or obligations under this Agreement without the consent
of the other Party, which consent shall not be unreasonably withheld. 
 Section 9.4 Entire Agreement. This Agreement
constitutes the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. 

Section 9.5 Governing Law. This Agreement shall be governed and construed and enforced in accordance with the laws of the State of
Texas (except that the provisions of Article VII shall instead be governed by and construed in accordance with the laws of England and Wales) without regard to principles of conflicts of laws thereof that would result in the application of
the laws of any other jurisdiction. 
 Section 9.6 Counterparts. This Agreement, including the documents referred to herein, may
be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement. 

Section 9.7 No Third Party Beneficiaries. This Agreement is solely for the benefit of the Parties and is not intended to confer
upon any other Person, except for any Person entitled to indemnification under Article VII. 
 Section 9.8 Severability.
If any term or other provision of this Agreement is determined by a nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon
such determination that any term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to effect the original intent of the Parties as closely as
possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be interpreted to be only so
broad as is enforceable. 
 Section 9.9 Failure or Indulgence Not Wavier; Remedies Cumulative. No failure or delay on the part
of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial exercise of any such
right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the Exhibits attached hereto are cumulative to, and not exclusive of, any rights or remedies otherwise available. 

  
 26 

 Section 9.10 Amendment. No change or amendment will be made to this Agreement except
by an instrument in writing signed on behalf of each of the Parties; provided, however, that the Company may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification of this Agreement that, in
the reasonable discretion of the Board, will adversely affect the holders of common units of the Company. 
 Section 9.11 Specific
Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party or the Parties who are or are to be thereby aggrieved shall have the right to specific
performance and injunctive or other equitable relief of their rights under this Agreement, in addition to any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the
remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements
for the securing or posting of any bond with such remedy are waived. 
 Section 9.12 Construction. This Agreement shall be
construed as if jointly drafted by the Parties and, except as set forth in this Section 9.12, no rule of construction or strict interpretation shall be applied against any Party. THE PARTIES
EACH ACKNOWLEDGE THAT THE TERMS OF THIS AGREEMENT WERE DETERMINED IN
THE CONTEXT OF A PARENT-SUBSIDIARY RELATIONSHIP AND ARE NOT INTENDED
TO BE COMPARABLE TO TERMS THE COMPANY GROUP COULD HAVE OBTAINED FROM
AN UNAFFILIATED THIRD PARTY. 
 Section 9.13 Relationship of
Parties. Each Company Group Member understands and agrees that the Transocean Entities’ relationship to such Company Group Member under this Agreement is strictly a contractual arrangement on the terms and conditions set forth in this
Agreement, that no fiduciary, trust, partnership, joint venture, agency or advisory relationship exists between any Transocean Entity and such Company Group Member and that such Company Group Member hereby waives any and all rights that it may
otherwise have under applicable Law to make any claims or take any action against any Transocean Entity or any of its Affiliates based on any theory of agency, fiduciary duty, relationship of trust or other special standard of care. 

Section 9.14 Further Assurances. From time to time, each Party agrees to execute and deliver such additional documents, and will
provide such additional information and assistance as either Party may reasonably require to carry out the terms of this Agreement. 

Section 9.15 Termination. Upon a Change of Control of TPHL or of the Company, the provisions of Articles II, III,
IV, V and VI applicable to the Company shall terminate immediately. Upon a Change of Control of Transocean, the provisions of Articles II, III, IV, V and VI applicable to Transocean shall
terminate at the time that is the later of (a) the date on which all of the Company’s outstanding Subordinated Units (as defined in the LLC Agreement) have converted to Common Units (as defined in the LLC Agreement) and (b) the date
of the Change of Control of Transocean. The Parties agree that Article VII and any limitations on liability or responsibility and any exculpatory, disclaimer, waiver or similar provisions will survive the termination of this Agreement. 

  
 27 

 Section 9.16 Further Assurances. From time to time, each Party agrees to execute and
deliver such additional documents, and will provide such additional information and assistance as either Party may reasonably require to carry out the terms of this Agreement. 

Section 9.17 Forum for Disputes. Any actions, suits or proceedings arising out of or relating to this Agreement must be instituted
in a state or federal court located in the State of Texas (assuming such court has jurisdiction). The Parties waive any objections they may have to such venue and irrevocably submit to the jurisdiction of any such court in any such action, suit or
proceeding. 
 Section 9.18 Compliance with Transocean Agreements and Policies. 

(a) So long as the Transocean Entities collectively own at least 50% of the membership interests in the Company, the Company,
for itself and on behalf of all other Company Group Members, covenants and agrees that it will not take or fail to take any action or enter into any commitment or agreement which may reasonably be anticipated to result, with or without notice and
with or without lapse of time or otherwise, in a breach, contravention or default by it or any of its Affiliates of (i) any provisions of applicable Law, including provisions pertaining to the Internal Revenue Code of 1986, as amended, or the
Employee Retirement Income Security Act of 1974, as amended, (ii) any provision of Transocean’s Articles of Association or Organizational Regulations, (iii) any provision of Transocean’s Code of Integrity or (iv) any credit
agreement, indenture or other material agreement (including agreements relating to covenants not to compete) binding upon Transocean, Transocean Inc. or any other Transocean Entity. 

(b) The Company and Transocean agree to provide to each other any information and documentation requested by the other for the
purpose of evaluating and ensuring compliance with Section 9.18(a). 
 [SIGNATURE PAGES FOLLOW] 

  
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 IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Closing
Date. 
  

			
	TRANSOCEAN LTD.
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRANSOCEAN INC.
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRANSOCEAN PARTNERS HOLDINGS LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:

  
 SIGNATURE PAGES TO 

OMNIBUS AGREEMENT 

 
			
	TRANSOCEAN PARTNERS LLC
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRITON RIGP DCL HOLDINGS LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRITON RIGP DIN HOLDINGS LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:

  
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OMNIBUS AGREEMENT 

  

			
	TRITON RIGP DD3 HOLDINGS LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRITON RIGP DCL HOLDCO LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRITON RIGP DIN HOLDCO LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:

  
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OMNIBUS AGREEMENT 

 
			
	TRITON RIGP DD3 HOLDCO LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRANSOCEAN RIGP DCL LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRANSOCEAN RIGP DIN LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:

  
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OMNIBUS AGREEMENT 

 
			
	TRANSOCEAN RIGP DD3 LIMITED
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRANSOCEAN RIGP DCL LLC
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
	Fax:
	Attention:
	
	TRANSOCEAN RIGP DIN LLC
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
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	Attention:

  
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OMNIBUS AGREEMENT 

 
			
	TRANSOCEAN RIGP DD3 LLC
		
	By:	 	  

		 	Name:
		 	Title:
	Address for Notice:
	  

	  

	Telephone:
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	Attention:

  
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OMNIBUS AGREEMENT 

 SCHEDULE 7.3 

None.EX-10.4

 Exhibit 10.4 

FORM OF 
 MASTER
SERVICES AGREEMENT 
 dated as of 

[•], 2014 
 by and
among 
 TRANSOCEAN OFFSHORE DEEPWATER DRILLING INC., 

and 
 TRANSOCEAN
PARTNERS LLC, 
 and 

CERTAIN SUBSIDIARIES 

OF TRANSOCEAN PARTNERS LLC 

 CONTENTS 
  

					
	 	  	Page	 
	 ARTICLE 1 APPOINTMENT AND EFFECTIVE DATE
	  	 	1	  
		
	 ARTICLE 2 SERVICES
	  	 	2	  
		
	 ARTICLE 3 GENERAL CONDITIONS
	  	 	7	  
		
	 ARTICLE 4 PAYMENT TO PROVIDER
	  	 	10	  
		
	 ARTICLE 5 INDEMNIFICATION AND EXCULPATION
	  	 	12	  
		
	 ARTICLE 6 CONFIDENTIALITY
	  	 	16	  
		
	 ARTICLE 7 DISCONTINUATION OF SERVICES; TERM AND TERMINATION
	  	 	17	  
		
	 ARTICLE 8 FORCE MAJEURE
	  	 	19	  
		
	 ARTICLE 9 ADDITION AND REMOVAL OF PARTIES
	  	 	19	  
		
	 ARTICLE 10 NOTICES
	  	 	20	  
		
	 ARTICLE 11 MISCELLANEOUS
	  	 	20	  
		
	 ARTICLE 12 DEFINED TERMS
	  	 	23	  

  
 i 

 MASTER SERVICES AGREEMENT 

THIS MASTER SERVICES AGREEMENT (the “Agreement”), entered into on
[            ], 2014 and effective as of the Effective Date set forth below, is made by and among Transocean Offshore Deepwater Drilling Inc., a Delaware corporation (together with
its Affiliates and subsidiaries set forth on Exhibit A, “Provider”), Transocean Partners LLC, a Marshall Islands limited liability company (the “Company”), the holding company subsidiaries of the
Company which are signatories to this Agreement (each a “Company Holding Subsidiary”) and the rig-operating subsidiaries of the Company which are signatories to this Agreement (each a “Company Operating
Subsidiary”). The Company Holding Subsidiaries and the Company Operating Subsidiaries are collectively referred to as the “Company Subsidiaries”, and the Company Subsidiaries and the Company are collectively referred to as
the “Company Group”. Provider, the Company and the Company Subsidiaries are hereinafter jointly referred to as the “Parties” and, individually, as a “Party.” Certain capitalized terms, when used in
this Agreement, shall have the meanings set forth or referenced in Section 12.1 of this Agreement. 
 RECITALS: 

WHEREAS, the Company Group obtains certain services from its own employees and may from time to time wish to supplement those services;

 WHEREAS, the Company Group wishes to engage Provider to provide certain general assistance, administrative support, advisory,
technical and general administrative services to the Company Group to supplement the services provided by the employees of the Company Group; 

WHEREAS, the Company Operating Subsidiaries wish to engage Provider to also provide certain non-executive management services to the
Company Operating Subsidiaries; and 
 WHEREAS, Provider wishes to provide such services on the terms set forth herein. 

AGREEMENT: 
 NOW
THEREFORE, in consideration of the mutual covenants expressed herein, the Parties hereby agree as follows: 
 ARTICLE 1 

APPOINTMENT AND EFFECTIVE DATE 

1.1 Each member of the Company Group hereby confirms the appointment of Provider to provide the general assistance and administrative
support services specified in this Agreement (the “Administrative Services”) and the advisory and technical services with their associated general administrative services specified in this Agreement (the “Technical
Services”) to each member of the Company Group, as necessary, subject to the terms and conditions set forth in this Agreement, and Provider hereby accepts such appointment. 

  
 1 

 1.2 Each Company Operating Subsidiary hereby confirms the appointment of Provider to
provide certain non-executive management services (the “Management Services” and, together with the Administrative Services and the Technical Services, the “Services”) to each Company Operating Subsidiary, as
necessary, subject to the terms and conditions set forth in this Agreement, and Provider hereby accepts such appointment. 
 1.3
Notwithstanding anything to the contrary contained in this Agreement, in no event shall Provider provide, or be obligated to provide, executive management services to any member of the Company Group hereunder. 

1.4 The Board of Directors of the Company (the “Board”) expressly retains all authority granted to it pursuant to the
Second Amended and Restated Limited Liability Company Agreement of the Company, dated [            ], 2014 (as the same may be amended, restated, modified or supplemented from time to time,
the “LLC Agreement”). 
 1.5 This Agreement shall be effective as of
[            ], 2014 (the “Effective Date”). 
 ARTICLE 2

 SERVICES 
 2.1
Administrative Services. To the extent requested by the members of the Company Group, Provider shall provide, or shall cause to be provided, the following Administrative Services to the Company Group, together with such other similar
services as may be agreed upon by Provider and the Company from time to time: 
 2.1.1 Headquarter Support. Advice and
assistance in connection with executive oversight, accounting, finance, tax, legal, investor relations, marketing, procurement and similar activities of the Company Group, including: 

(a) The compilation and preparation of all annual and quarterly reports to be filed by the Company Group with the SEC and other
regulatory bodies, including the preparation of financial statements. 
 (b) Support and assistance with forecasting,
budgeting, corporate planning, taxation, internal auditing, accounts payable and accounting. 
 (c) Legal matters, including
the formation of new entities, assistance with the negotiation and preparation of contracts, assistance with negotiation and compliance with local authorities and other governing and regulatory bodies, including the SEC, the NYSE and any other stock
exchange on which the securities of the Company may be listed. 
 (d) Investor relations and communications. 

(e) Computer and network hardware, software, network services, satellite communications and other information systems. 

  
 2 

 2.1.2 Company Records. 

(a) Assistance with the maintenance of all original corporate documents of the Company Group, including statutory books and
records, if requested. 
 (b) Establishment and maintenance of archives (whether in electronic or physical form) of contracts
and other documents of the Company Group. 
 2.1.3 Financing. Assistance in matters relevant to the financing of the
Company Group’s activities, including forecasting, budgeting, accounts payable and receivable processing, taxation, accounting, the identification of sources of potential financing, assistance in negotiation of financing arrangements and
coordination of financing with other Transocean Group companies for the benefit of the Company Group. 
 2.1.4 Human
Resources. Assistance in human resources matters, including hiring and recruiting, payroll processing, employee compensation and benefits administration and employee career development. 

2.1.5 Insurance. 

(a) Insurance administration for the Company Group, to the extent necessary, and for the drilling rigs owned or operated by
certain members of the Company Group (the “Company Rigs”) in accordance with the general guidelines and policies from time to time in force for coverage, insurers and terms for the insurance of drilling rigs, including the
administration of risk management functions and the delivery and receipt of insurance certificates to third parties, including clients and vendors. 

(b) Advice and assistance to the Company Group in filing and managing claims under all insurance policies and/or within any
deductibles and self-insured retentions procured for the Company Group and the Company Rigs. 
 (c) Advice and assistance to
the Company Group in the procurement of other insurance as may be necessary or prudent in order to comply with legal or contractual requirements, or otherwise prudently insure the risks of the Company Group. 

2.1.6 Safety and Training. Assistance to the Company Group in handling incidents involving the Company Rigs, safety and
quality control and employee training. 
 2.1.7 Legal Services/Disputes. Advice and assistance in legal matters,
including preparation and oversight of public company reporting and compliance, general commercial and business matters (including intellectual property, contract review, and human resources matters), prosecution or defense of any and all legal
proceedings by or against any member of the Company Group, on such member’s behalf; provided, however, that Provider shall not be obligated to provide legal services with respect to matters in which the Company Group is adverse to
Provider or any Affiliates of Provider. 

  
 3 

 2.1.8 Compliance Services. Advice and assistance in compliance program
matters including the development and implementation of an effective compliance program, code of conduct and other policies and guidelines and any applicable obligations under the Consent Decree, EPA Agreement and other governmental agreements. 

2.1.9 No Management Services. For the avoidance of doubt, Administrative Services shall not include any Management
Services. 
 2.2 Technical Services. To the extent requested by the members of the Company Group, Provider shall provide, or
shall cause to be provided, the following Technical Services to the Company Group, together with such other similar services as may be agreed upon by Provider and the Company from time to time: 

2.2.1 Operations Services. Assistance in the establishment of global operating procedures and standards of the Company
Rigs, as well as ongoing evaluation and support, including: 
 (a) minimum operating standard procedures, including onshore
emergency contingency procedures, offshore contingency plans, rig move procedures and review, station keeping procedures, on station marine activities and procedures, drilling and well control activities and procedures; 

(b) operation service standards, including monitoring drilling unit compliance with maintenance standards and regulations, flag
and coastal state requirements, Classification Society requirements, operational management plans for each drilling contract, equipment list maintenance procedures and drilling unit operational capability procedures; and 

(c) safety management systems including procedures, monitoring programs and best-practice sharing. 

2.2.2 Engineering and Technology Services. Assistance with engineering and technology services relating to equipment
modification, including: 
 (a) upgrades and major repairs; 

(b) design specifications, equipment lists and drawings and technical modification accuracy verifications; and 

(c) coordination with the Classification Societies, Certifying Authorities and Governmental Authorities for approval and
compliance with applicable rules and regulations. 
 2.2.3 Incident Management. Assistance to the Company Group in
handling any incidents involving the Company Rigs in the course of operations. 

  
 4 

 2.2.4 Software. 

(a) Except for software licensed from third parties that are not Affiliates of Provider, all software used on or in connection
with any of the Company Rigs (the “Transocean Software”), is proprietary to Provider or its Affiliates and is hereby licensed or sublicensed non-exclusively, royalty-free to the Company Group solely for use in connection with its
business and only until the earlier of the termination of this Agreement or the time at which the Service to which such Transocean Software relates terminates or ceases to be provided under this Agreement. The Company Group agrees not to use the
licensed or sublicensed Transocean Software or related documentation (other than in connection with operation of the Company Rigs during the term of this Agreement) or to copy, modify, reverse engineer, reverse compile, or reverse assemble it.
Irrespective of any terms to the contrary in this Agreement, any and all such licenses and sublicenses shall terminate as of the termination of this Agreement. The Company Group shall, during the term of this Agreement and for two years thereafter,
upon Provider’s reasonable request and upon reasonable prior notice from Provider, make the Company Rigs (or the Company Group’s other places of business) available for inspection by Provider or its designated representatives (at
Provider’s sole expense) for the sole purpose of confirming the Company Group’s compliance with this Section 2.2.4(a) and subject to Provider’s obligation to keep information confidential pursuant to Article 6. 

(b) As a result of the provision of Services, certain employees of the Company Group may receive access to computer, software,
communications or information networks or systems of Provider or its Affiliates, and any related documentation (collectively, “Provider Systems”). The Company Group shall access and use only those Provider Systems for which it has
been granted the right to access and use. The Company Group’s right to access and use is provided for the limited purpose of supporting the Services provided hereunder. Individual access to such Provider Systems is strictly limited to those
employees of the Company Group approved by Provider. With respect to all Provider Systems to which any employee of the Company Group has access as a result of the Services being provided, the Company Group (i) shall use such Provider Systems
internally and for their intended purpose only, shall not distribute, publish, transfer, sublicense or in any manner make such Provider Systems available to other organizations or persons, and shall not act as a service bureau or consultant in
connection with such Provider Systems; (ii) shall comply with all of Provider’s system security policies, procedures and requirements that have been provided to the Company Group (“Security Regulations”); and
(iii) shall not tamper with, compromise or circumvent any security or audit measures employed by Provider. The Company Group shall use commercially reasonable efforts to allow only those employees acting on its behalf who are specifically
authorized to have access to the Provider Systems to gain such access and to prevent unauthorized access, use, destruction, alteration or loss of information contained therein, including notifying its employees who might have access to such Provider
Systems of the restrictions set forth in this Agreement and of the Security Regulations. 

  
 5 

 (c) If, at any time, (i) any employee of the Company Group or other Person
acting on its behalf seeks to circumvent, or circumvents, the Security Regulations, (ii) any unauthorized employee of the Company Group or Person acting on its behalf accesses the Provider Systems, or (iii) any employee or representative
of the Company Group engages in activities that may lead to the unauthorized access, use, destruction, alteration or loss of data, information or software of Provider, the Company Group shall promptly terminate any such employee’s or
Person’s access to the Provider Systems and immediately notify Provider. In addition, Provider shall have the right to deny any employee of the Company Group or other Person acting on the Company Group’s behalf access to the Provider
Systems in the event that Provider reasonably believes that such employee has engaged in any of the activities set forth above in this Section 2.2.4(c) or otherwise poses a security concern. The Company Group shall cooperate with
Provider in investigating any apparent unauthorized access to the Provider Systems. 
 (d) Without limiting the generality of
any other provision hereof, the Company Group shall have responsibility under this Agreement for the actions and omissions of both its employees and any other Person acting on its behalf. 

(e) To the extent the Company Group no longer requires access to the Provider Systems with respect to specific software,
functions, systems or services, the Company Group’s access will be terminated. 
 2.2.5 No Management Services.
For the avoidance of doubt, Technical Services shall not include any Management Services. 
 2.3 Management Services. To the
extent requested by the members of the Company Operating Subsidiaries, Provider shall provide, or shall cause to be provided, the following Management Services to the Company Operating Subsidiaries (but, for the avoidance of doubt, not to the
Company and the Company Holding Subsidiaries), together with such other similar services as may be agreed upon by Provider and the Company Operating Subsidiaries from time to time: 

2.3.1 Treasury Services. Subject to any investment policies and guidelines established by the Company from time to time,
assistance for all treasury functions, including cash management, making and managing investments, administering bank accounts, collecting amounts due from third parties, settling debts and settling inter-company accounts. 

2.3.2 Sale and Purchase of Assets. Assistance with the sale and purchase of assets on behalf of the Company Operating
Subsidiaries, including the completion and integration of such sales and purchases. 

  
 6 

 2.3.3 Procurement. Assistance in global procurement, including purchasing
services, logistics services and system administration. 
 2.3.4 Technical Supervision. Assistance to the Company
Operating Subsidiaries with services in relation to the technical and operating management of the Company Rigs. 
 2.3.5
Marketing Services. Advice and assistance in the marketing of the Company Rigs, including the collection of marketing information, market analysis, identification of commercial agents and potential customers, negotiation and communication of
contractual commitments, administration of contract modifications and disputes, monitoring of customer satisfaction, identification of Company Rigs available for contract opportunities and preparation of bids. 

ARTICLE 3 
 GENERAL
CONDITIONS 
 3.1 Standard of Conduct. 

3.1.1 The Services to be provided hereunder shall be performed with the same general degree of care as when Provider and
its Affiliates performed such services within Provider’s organization immediately prior to the Effective Date. It is understood and agreed that the employees of Provider and the other members of the Transocean Group performing the Services are
not professional providers to third parties of the types of services included in the Services and that Transocean Group employees performing Services have other responsibilities and will not be dedicated full-time to performing Services hereunder.
EXCEPT AS EXPRESSLY SET FORTH IN THIS SECTION 3.1.1, NO REPRESENTATIONS
OR WARRANTIES OF ANY KIND, EXPRESSED OR IMPLIED (INCLUDING THE WARRANTIES
OF NON-INFRINGEMENT, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, SEAWORTHINESS
OR CONFORMITY TO ANY REPRESENTATION OR DESCRIPTION), ARE MADE BY PROVIDER
OR ANY MEMBER OF THE TRANSOCEAN GROUP WITH RESPECT TO THE SERVICES
UNDER THIS AGREEMENT AND, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
GOVERNMENTAL REQUIREMENTS, ALL SUCH REPRESENTATIONS OR WARRANTIES ARE HEREBY WAIVED
AND DISCLAIMED, REGARDLESS OF CAUSE. 
 3.1.2
Nothing in this Agreement shall be construed as: 
 (a) an assumption by Provider of any obligation to increase the sales
or profits of the Company Group or otherwise to guarantee the success of the operations of any member of the Company Group; 

(b) the delegation of any function or authority by any member of the Company Group to Provider or its employees, it being
understood that Provider will provide Administrative Services and Technical Services, but all decisions with respect to any member of the Company Group and its business shall remain with the respective Board of Directors and authorized officers and
agents of such Company Group member; or 

  
 7 

 (c) an assumption by Provider of the authority to assume, create or conclude any
obligation, express or implied, including the authority to conclude or enter into any contracts, on behalf of any member of the Company Group. 

3.1.3 Notwithstanding anything to the contrary contained herein, Provider shall have no obligation to provide Services
hereunder to the extent it conflicts or is inconsistent with (i) Governmental Requirements, (ii) Transocean policies, including Transocean’s Code of Integrity, (iii) the Consent Decree and (iv) the EPA Agreement. 

3.2 Service Boundaries and Scope. 

3.2.1 Provider shall be required to provide, or cause to be provided, the Services only to the extent the same services
are then being provided to any member of the Transocean Group for similar operations in the same jurisdiction, and the Services shall be available only for purposes of conducting the business relating to the Company Rigs substantially in the manner
it was conducted immediately prior to the Effective Date. 
 3.2.2 Except as otherwise provided in this Agreement, in
providing, or causing to be provided, the Services, Provider shall not be obligated to: (i) maintain the employment of any specific employee or hire additional employees or third-party service providers; (ii) purchase, lease or license any
additional equipment (including computer equipment, furniture, furnishings, fixtures, machinery, vehicles, tools and other tangible personal property), software or other assets, rights or properties; (iii) make modifications to its existing
systems or software; (iv) provide any member of the Company Group with access to any specific systems or software; (v) provide or cause to be provided any training, licensing or similar services to any officer, employee or representative
of the Company Group; (vi) provide any marketing, promotional, bid inquiry or similar services; (vii) provide any transportation or shipping services; or (viii) pay any costs related to the transfer or conversion of data of any member
of the Company Group. 
 3.2.3 The Company and each Company Subsidiary acknowledges that the employees of Provider or
any other members of the Transocean Group who may be assisting in the providing of Services hereunder are or may be at-will employees and, in any event, may terminate or be terminated from employment with Provider or any of the other members of the
Transocean Group providing services hereunder at any time for any reason. 
 3.2.4 For the avoidance of doubt, except
as consented to by Provider in writing, the Services do not include (i) any services required for or as the result of any business acquisitions from third parties, divestitures or start-ups by the Company or any other member of the Company
Group or any similar transactions or (ii) any services with respect to any Company Rig acquired by any member of the Company Group from any Person that is not a member of the Transocean Group. 

  
 8 

 3.3 Third Party Services. 

3.3.1 Provider shall have the right, whenever it deems necessary or advisable, (i) to hire third-party
subcontractors within the Transocean Group or otherwise used by members of the Transocean Group and/or other reputable companies, provided, that Provider shall reasonably believe that such reputable companies are sufficiently qualified to fulfill
the Provider’s duties and obligations hereunder, and (ii) to acquire rights from third parties to provide all or part of the Services hereunder. Provider will provide to the Company all reasonably requested information regarding such
third-party subcontractors. The cost of such additional third-party Services or acquisition of such rights shall be billed to and paid for by the applicable Company Group member in the manner set forth in Article 4. 

3.3.2 Each member of the Company Group hereby acknowledges and agrees that neither Provider nor any of its Affiliates
shall have any responsibility or liability for the non-performance, inadequate performance, faulty performance or other failure or breach by a third-party provider, and, without limiting the generality of the foregoing, neither the Provider nor any
of its Affiliates shall be responsible, liable or deemed in breach of this Agreement for any delay or failure in the performance of its obligations under or in connection with this Agreement to the extent such delay or failure is due to the
non-performance, inadequate performance, faulty performance or other failure or breach by a third-party provider, REGARDLESS OF CAUSE EXCEPT ONLY TO
THE EXTENT CAUSED BY THE GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR FRAUD
OF PROVIDER OR ITS AFFILIATES. 
 3.4 Independent
Contractor. At all times during the performance of the Services, all Persons performing such Services (including agents, temporary employees, independent third parties and consultants) shall be construed as being independent from the Company
and its Affiliates, and no such Person shall be considered or deemed to be an employee of any member of the Company Group nor entitled to any employee benefits of the Company Group as a result of this Agreement. Except as may be expressly set forth
herein as a Service (including any additional Services as Provider and the Company may from time to time agree), none of Provider or its Affiliates shall be obligated to provide, or cause to be provided, any service or goods to the Company or its
Affiliates.  
 3.5 Non-Exclusivity. Provider shall be entitled to provide management and other services to other
companies in the Transocean Group or third party entities. No preference shall be given to any drilling rig or company under Provider’s management but Provider shall, so far as commercially reasonable, ensure a fair distribution of service to
all such drilling rigs and companies under its management from time to time. 
 Provider shall, in the performance of its services, be
entitled to take into consideration its overall responsibility in relation to all matters as may from time to time be entrusted to its management and in particular, but without prejudice to the generality of the foregoing, be entitled to allocate
available supplies, manpower and services between its management assignments in such manner as in the prevailing circumstances Provider in good faith considers to be fair and reasonable. 

  
 9 

 3.6 Audit and Maintenance of Records; Reporting. Notwithstanding the payment by any
member of the Company Group of any Costs and Expenses (as defined below) or Services Fees (as defined below), the Company shall have the right to review and contest the charges. For a period of one year from its receipt of any invoice under
Article 4, the Company shall have the right, upon reasonable notice, at reasonable times and at the Company’s sole expense, to inspect, review and audit all the records, books, reports, data and processes related to the Services
performed by Provider to ensure Provider’s compliance with the terms of this Agreement. If any such information is confidential, the Parties shall execute a mutually acceptable confidentiality agreement prior to such inspection or audit. 

ARTICLE 4 
 PAYMENT TO
PROVIDER 
 4.1 Intercompany Costs. 

4.1.1 Each calendar month, each applicable Company Group member agrees to reimburse Provider or its designee for the
cost of all direct labor, materials and expenses resulting from the provision of Services hereunder, plus an allocated portion of Provider’s shared and pooled direct costs, indirect costs and general and administrative costs (including costs
relating to Provider’s development and reserve labor pools for the geographic areas in which the Company Rigs are operating), in each case as determined by Provider’s internal accounting procedures (the “Costs and
Expenses”). 
 4.1.2 In addition to the reimbursement provided in Section 4.1.1, the applicable
Company Group member agrees to pay to Provider or its designee a fee equal to the greater of (i) 5% of such Costs and Expenses or, in the case of the provision of capital spares or inventory, a 4% mark-up on the capital spares or inventory plus
a 4% mark-up on the allocable share of the costs of providing such services and (ii) the mark-up required by applicable Transfer Pricing Rules (as determined in Provider’s reasonable discretion) (the “Services Fee”). 

4.1.3 Promptly after the allocation of the Costs and Expenses for each reimbursement period as set forth in
Section 4.1.1, the applicable Transocean Group member shall prepare a statement of Costs and Expenses incurred in providing the Services, setting forth the basis for calculation in such detail as reasonably required. The applicable
Transocean Group member shall then deliver an invoice to the applicable Company Group member for such costs together with the corresponding Services Fee (an “Invoice”). 

4.1.4 Within 30 days of receipt of an Invoice, the applicable Company Group member shall pay the amount set forth in
such Invoice, without any reduction for taxes, except as required by any Governmental Requirement. 
 4.1.5 If the
applicable Company Group Member is required by any Governmental Requirement to deduct or withhold taxes from or in respect of any payments to the applicable Transocean Group member under this Agreement, then (i)

  
 10 

 
such Company Group Member shall make such deduction or withholding, (ii) such Company Group Member shall pay the full amount deducted or withheld to the appropriate Governmental Authority in
accordance with such Governmental Requirement, (iii) such Company Group Member shall promptly furnish to such Transocean Group member the original or a certified copy of a receipt evidencing such payment, and (iv) the sum payable by such
Company Group member to such Transocean Group member shall be increased by such additional sums as necessary so that after making all required deductions and withholdings of taxes (including deductions and withholdings of taxes applicable to
additional sums payable under this Section 4.1.5), such Transocean Group member receives an amount equal to the sum it would have received had no such deductions or withholdings of taxes been made. 

4.1.6 The applicable Company Group member shall be responsible for and shall indemnify and hold harmless Provider and
its Affiliates against all excise, sales, use, transfer, stamp, documentary, filing, recordation and other similar taxes, and any value added, goods and services or similar recoverable indirect and other similar taxes (“Transfer
Taxes”) imposed on or assessed as a result of the provision of Services by the applicable Transocean Group member. The applicable Transocean Group member shall provide to the applicable Company Group member evidence of the remittance of the
amount of such Transfer Taxes to the relevant Governmental Authority, including, without limitation, copies of any tax returns remitting such amount. 

4.1.7 The Parties shall cooperate and take all commercially reasonable actions to minimize withholding taxes and
Transfer Taxes imposed on payments made pursuant to this Agreement. 
 4.2 Third Party Costs. Notwithstanding
Section 4.1.2, in the event that Provider or any Transocean Group member incurs costs and expenses (other than taxes described in Section 4.1.5 or Section 4.1.6) from third parties in the course of subcontracting
the performance of Services hereunder (the “Third Party Costs”), such Transocean Group member shall include the amount of those Third Party Costs, at cost without charging the Services Fee or including any other mark-up thereon
unless required by applicable Transfer Pricing Rules (as determined in Provider’s reasonable discretion), in the next Invoice and the applicable Company Group member shall pay such amounts to the applicable Transocean Group member pursuant to
Section 4.1.4. 
 4.3 Discounts and Benefits. For the avoidance of doubt, in connection with the calculation of
the Costs and Expenses or the Third Party Costs hereunder, Provider shall disclose and credit to the applicable member of the Company Group, its respective share of any discounts, commissions and other benefits received by Provider or any of its
employees from third parties as a consequence of the provision of the Services. 

  
 11 

 ARTICLE 5 

INDEMNIFICATION AND EXCULPATION 

5.1 Limitation on Remedies. The Parties hereby acknowledge and agree that: 

5.1.1 In the event Provider fails to provide a Service (or a portion thereof) in accordance herewith, the Company
Group’s sole and exclusive remedy shall be (i) to make a claim for indemnification pursuant to Section 5.3 (if available), (ii) to have the Service (or relevant portion) reperformed, without having to reimburse Provider
for its direct internal cost of such reperformance, (iii) to withhold payment for such Service or (iv) to the extent applicable, to have the right to terminate the Agreement under Section 7.1(c). The Company Group may pursue
more than one remedy at the same time but ultimately may not recover more than once. Such rights are the Company Group’s sole remedy for any non-performance, inadequate performance, faulty performance or other failure or breach by Provider
under or relating to this Agreement. EXCEPT AS SET FORTH IN THE FIRST SENTENCE OF THIS
SECTION 5.1.1, EACH MEMBER OF THE COMPANY GROUP HEREBY EXPRESSLY WAIVES
ANY RIGHT THAT SUCH MEMBER MAY OTHERWISE HAVE TO CLAIM, COLLECT OR
RECEIVE DAMAGES, TO ENFORCE SPECIFIC PERFORMANCE OR TO PURSUE ANY OTHER
REMEDY AVAILABLE IN CONTRACT, AT LAW OR IN EQUITY IN THE EVENT
OF ANY NON-PERFORMANCE, INADEQUATE PERFORMANCE, FAULTY PERFORMANCE OR OTHER FAILURE
OR BREACH BY PROVIDER UNDER OR RELATING TO THIS AGREEMENT, REGARDLESS
OF CAUSE EXCEPT ONLY TO THE EXTENT CAUSED BY PROVIDER’S GROSS
NEGLIGENCE, WILLFUL MISCONDUCT OR FRAUD. 

5.1.2 Without limiting the generality of any other provision hereof, it is not the intent of Provider or its Affiliates
to render professional advice or opinions, whether with regard to tax, legal, treasury, finance, intellectual property, employment or other matters; the Company Group shall not rely on any Service rendered by or on behalf of Provider or its
Affiliates for such professional advice or opinions; and notwithstanding the Company Group’s receipt of any proposal, recommendation or suggestion in any way relating to tax, legal, treasury, finance, intellectual property, employment or any
other subject matter, the Company Group shall seek all third-party professional advice and opinions as it may desire or need, and in any event the Company Group shall be solely responsible for and assume all risks associated with the Services,
except to the limited extent set forth in this Article 5; and, with respect to any software or documentation within the Services, the Company Group shall use such software and documentation internally and for their intended purpose only,
shall not distribute, publish, transfer, sublicense or in any manner make such software or documentation available to other organizations or persons, and shall not act as a service bureau or consultant in connection with such software. 

5.1.3 A material inducement to the provision of the Services is the limitation of liability, damages and recourse set
forth herein and the release and indemnity provided by the members of the Company Group. 
 5.1.4 Without limiting
the generality of any other provision hereof, none of Provider nor its Affiliates shall have any liability or responsibility for any loss of or damage to any of the Company Rigs or any related equipment or parts, which such liability, responsibility
and risk shall be for the account of the Company and its Affiliates, Regardless of Cause. 

  
 12 

 5.2 Indemnification by the Company Group. 

5.2.1 EACH MEMBER OF THE COMPANY
GROUP, SEVERALLY AND NOT JOINTLY, SHALL FULLY INDEMNIFY AND DEFEND PROVIDER
AND ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS AND SUBCONTRACTORS (THE
“PROVIDER INDEMNIFIED PARTIES”) FROM AND AGAINST ANY AND ALL
LIABILITY, DEMANDS, CLAIMS, ACTIONS OR CAUSES OF ACTION, ASSESSMENTS, LOSSES,
DAMAGES, FINES, PENALTIES, COSTS AND EXPENSES (INCLUDING REASONABLE ATTORNEYS’ FEES
AND EXPENSES) (“DAMAGES”) DIRECTLY OR INDIRECTLY RELATED TO THIS
AGREEMENT, INCLUDING DAMAGES CAUSED BY THE BREACH BY SUCH MEMBER OF
THE COMPANY GROUP OF THIS AGREEMENT AND DAMAGES CAUSED BY ANY
PROVIDER INDEMNIFIED PARTY TO ANY OF THE COMPANY RIGS OR ANY RELATED
EQUIPMENT, EXCEPT TO THE EXTENT CAUSED BY PROVIDER’S GROSS NEGLIGENCE,
WILLFUL MISCONDUCT OR FRAUD. EXCEPT TO THE EXTENT EXPRESSLY PROVIDED IN
THE IMMEDIATELY PRECEDING SENTENCE, THIS INDEMNIFICATION IS EXPRESSLY INTENDED TO
APPLY REGARDLESS OF CAUSE. THIS INDEMNIFICATION SHALL SURVIVE AND CONTINUE IN
FULL FORCE AND EFFECT NOTWITHSTANDING THE EXPIRATION OR TERMINATION OF THIS
AGREEMENT FOR ANY REASON WHATSOEVER. 
 5.2.2
FOR THE AVOIDANCE OF DOUBT, IN THE EVENT THAT ANY MEMBER OF
THE COMPANY GROUP THAT IS JOINTLY OWNED BY THE TRANSOCEAN GROUP
(OTHER THAN THE COMPANY) IS UNABLE TO FULFILL ITS SEVERAL INDEMNITY
OBLIGATION UNDER SECTION 5.2.1 WITH RESPECT TO ANY DAMAGES PROPERLY BROUGHT
UNDER SECTION 5.2.1, IN NO EVENT SHALL THE COMPANY HAVE ANY INDEMNITY
OBLIGATIONS HEREUNDER IN EXCESS OF THE COMPANY’S PERCENTAGE OWNERSHIP INTEREST
IN SUCH MEMBER OF THE COMPANY GROUP AS OF THE TIME OF
THE EVENT(S) GIVING RISE TO SUCH INDEMNITY OBLIGATION. 

5.3 INDEMNIFICATION BY PROVIDER.  

5.3.1 PROVIDER SHALL FULLY INDEMNIFY AND
DEFEND THE COMPANY GROUP AND ITS AFFILIATES, DIRECTORS, OFFICERS, EMPLOYEES, AGENTS
AND SUBCONTRACTORS FROM AND AGAINST ANY AND ALL DAMAGES DIRECTLY OR
INDIRECTLY RELATED TO THIS AGREEMENT ONLY TO THE EXTENT CAUSED BY
PROVIDER’S GROSS NEGLIGENCE, WILLFUL MISCONDUCT OR FRAUD. 

5.3.2 NOTWITHSTANDING ANYTHING IN THIS
AGREEMENT TO THE CONTRARY, IN NO EVENT (REGARDLESS OF CAUSE) SHALL
PROVIDER BE LIABLE TO THE COMPANY GROUP AND ITS AFFILIATES, OFFICERS,
EMPLOYEES, AGENTS AND SUBCONTRACTORS WITH RESPECT TO CLAIMS ARISING OUT OF
THIS AGREEMENT TO THE EXTENT SUCH CLAIMS ARISE IN CONNECTION WITH
SERVICES RENDERED WITH RESPECT TO THE PERFORMANCE OF A NON-CONFORMING
DRILLING CONTRACT. 
 5.3.3 NOTWITHSTANDING ANYTHING
IN THIS AGREEMENT TO THE CONTRARY, IN NO EVENT (REGARDLESS OF CAUSE)
SHALL PROVIDER BE LIABLE TO THE COMPANY GROUP AND ITS AFFILIATES,
OFFICERS, EMPLOYEES, AGENTS AND SUBCONTRACTORS WITH RESPECT TO CLAIMS ARISING OUT
OF THIS AGREEMENT FOR AMOUNTS IN THE AGGREGATE EXCEEDING 10 TIMES THE
AGGREGATE SERVICES FEE PAID TO PROVIDER UNDER THIS AGREEMENT IN THE
ONE CALENDAR YEAR PERIOD PRIOR TO THE OCCURRENCE GIVING RISE

  
 13 

 
TO THE DAMAGES; PROVIDED, THAT IF THE DATE OF
SUCH OCCURRENCE IS PRIOR TO THE DATE THAT IS ONE CALENDAR YEAR
AFTER THE DATE OF THIS AGREEMENT, SUCH CAP SHALL INSTEAD EQUAL 10
TIMES THE ANNUALIZED AGGREGATE SERVICES FEE PAID TO PROVIDER UNDER THIS
AGREEMENT PRIOR TO THE DATE OF SUCH OCCURRENCE. 

5.4 Indemnification Procedures.  

5.4.1 Third-Party Claim. The Company Group member’s indemnification obligation pursuant to Section 5.2
and Provider’s indemnification obligation pursuant to Section 5.3, in each case, with respect to Damages claimed or asserted against a person claiming indemnification under this Agreement (an “Indemnified Party”) by
a third party (that third-party claim or assertion, a “Claim”), are subject to the following terms and conditions: 

(a) The Indemnified Party shall, with reasonable promptness after the Indemnified Party has notice of a Claim, (1) notify
the Party from whom indemnification is sought (the “Indemnifying Party”) of the existence of that Claim and (B) transmit to the Indemnifying Party a notice (a “Claim Notice”) describing, in reasonable detail,
the nature of the Claim, and copies of any papers served with respect to such Claim. Within 30 calendar days after receipt of any Claim Notice (the “Election Period”), the Indemnifying Party shall notify the Indemnified Party
(A) whether the Indemnifying Party disputes its potential liability to the Indemnified Party under this Article 5 with respect to such Claim and (B) whether the Indemnifying Party desires, at its sole cost and expense, to defend the
Indemnified Party against such Claim. If the Indemnifying Party does not notify the Indemnified Party within the Election Period that the Indemnifying Party disputes its potential liability with respect to such Claim, any Damages resulting from such
Claim shall be payable by the Indemnifying Party under this Agreement. The Indemnified Party is hereby authorized, at the sole cost and expense of the Indemnifying Party (but only if the Indemnified Party is entitled to indemnification under this
Agreement), to file, during the Election Period, any motion, answer or other pleadings that the Indemnified Party shall reasonably deem necessary or appropriate to protect its interests or those of the Indemnifying Party. 

(b) If the Indemnifying Party notifies the Indemnified Party within the Election Period that the Indemnifying Party elects to
assume the defense of the Claim, then this Section 5.4.1(b) shall apply (but not otherwise) and the Indemnifying Party shall have the right to defend, at its sole cost and expense (if the Indemnified Party is entitled to indemnification
under this Agreement), such Claim by all appropriate proceedings, which proceedings shall be prosecuted diligently by the Indemnifying Party to a final conclusion or settled at the discretion of the Indemnifying Party in accordance with this
Section 5.4.1(b). The Indemnified Party may, at its own cost and expense, participate in, but not control, any defense or settlement of any Claim controlled by the Indemnifying Party pursuant to this Section 5.4.1(b).
Notwithstanding anything in this Section 5.4.1(b) to the contrary, the Indemnifying Party may not, without the express written consent of the Indemnified Party, agree to any compromise or settlement which does not include an
unconditional release of the Indemnified Party from all Damages. 

  
 14 

 (c) If the Indemnifying Party fails to notify the Indemnified Party within the
Election Period that the Indemnifying Party elects to assume the defense of the Claim or if the Indemnifying Party elects to assume the defense of the Claim but fails to satisfy its obligations under Section 5.4.1(b), then this
Section 5.4.1(c) shall apply (but not otherwise) and the Indemnified Party shall have the right to defend, at the sole cost and expense of the Indemnifying Party (if the Indemnified Party is entitled to indemnification under this
Agreement), the Claim by all appropriate proceedings, which proceedings shall be prosecuted diligently by the Indemnified Party to a final conclusion or settled at the discretion of the Indemnified Party. The Indemnified Party shall have full
control of such defense and proceedings, including any compromise or settlement of such defense and proceedings, provided that the Indemnifying Party shall not be liable for any such compromise or settlement unless such compromise or
settlement is made with the Indemnifying Party’s express written consent (which shall not be unreasonably withheld, conditioned or delayed). The Indemnifying Party may, at its own cost and expense, participate in, but not control, any defense
or settlement of any Claim controlled by the Indemnified Party pursuant to this Section 5.4.1(c). 
 (d)
Notwithstanding anything in this Section 5.4.1 to the contrary, to the extent (1) the Indemnifying Party has delivered a notice to the Indemnified Party that the Indemnifying Party disputes its potential liability to the Indemnified
Party under this Article 5 and (B) such dispute is resolved in favor of the Indemnifying Party, the Indemnifying Party shall not be required to bear the costs and expenses of the Indemnifying Party’s defense pursuant to
Section 5.4.1(b) or the Indemnified Party’s defense pursuant to Section 5.4.1(c), and the Indemnified Party shall reimburse the Indemnifying Party in full for all of those costs and expenses. 

5.4.2 No Third-Party Claim. In the event any Indemnified Party claims indemnification against any Indemnifying Party
under this Agreement but that claim for indemnification does not involve a Claim, the Indemnified Party shall (A) notify the Indemnifying Party and (B) transmit to the Indemnifying Party a notice (an “Indemnity Notice”)
describing, in reasonable detail, the nature of the claim. Within 30 calendar days after receipt of any Indemnity Notice, the Indemnifying Party shall notify the Indemnified Party whether the Indemnifying Party disputes its potential liability to
the Indemnified Party under this Article 5. If the Indemnifying Party does not notify the Indemnified Party within such 30-day period that the Indemnifying Party disputes its potential liability with respect to such Indemnity Notice, any
Damages resulting from such Indemnity Notice shall be payable by the Indemnifying Party under this Agreement. The provisions of this Section 5.4 are in all cases subject to the limitations set forth in Sections 5.2, 5.3 and
5.5 and elsewhere in this Agreement. 

  
 15 

 5.5 LIMITATION ON DAMAGES.
NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THIS AGREEMENT, IN NO EVENT
SHALL ANY PARTY, ITS RESPECTIVE AFFILIATES OR THEIR RESPECTIVE DIRECTORS, OFFICERS
AND EMPLOYEES BE LIABLE UNDER THIS AGREEMENT FOR ANY CONSEQUENTIAL DAMAGES,
HOWEVER CAUSED AND ON ANY THEORY OF LIABILITY (INCLUDING NEGLIGENCE) ARISING
IN ANY WAY OUT OF ANY PROVISION OF THIS AGREEMENT, WHETHER OR
NOT SUCH PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES;
PROVIDED, HOWEVER, THAT THE FOREGOING LIMITATIONS SHALL NOT LIMIT EACH
PARTY’S INDEMNIFICATION OBLIGATIONS FOR LIABILITIES TO THIRD PARTIES AS SET
FORTH IN THIS ARTICLE 5. FOR PURPOSES OF THIS ARTICLE 5, “CONSEQUENTIAL
DAMAGES” MEAN ANY EXEMPLARY, PUNITIVE, SPECIAL, INDIRECT, CONSEQUENTIAL, REMOTE
OR SPECULATIVE DAMAGES, IT BEING UNDERSTOOD THAT LOST PROFITS OR REVENUES
(WHETHER DIRECT OR INDIRECT), FAILURE TO MEET ANY DISTRIBUTION EXPECTATIONS AND
DAMAGES ASSOCIATED WITH LOSS OF USE, DELAY OR ANY BUSINESS INTERRUPTION
SHALL BE DEEMED TO BE SPECULATIVE. 
 5.6
LIMITED RECOURSE. EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, (1) NO
AFFILIATE OF ANY PARTY WILL HAVE ANY LIABILITY OR RESPONSIBILITY FOR,
RELATING TO OR IN CONNECTION WITH A PARTY’S BREACHES OF ANY
REPRESENTATION OR FAILURE TO PERFORM ANY TERM, COVENANT, CONDITION OR PROVISION
OF THIS AGREEMENT AND (2) IN PURSUING ANY REMEDY FOR ANY
PARTY’S BREACH OF ANY TERM, COVENANT, CONDITION OR PROVISION OF
THIS AGREEMENT OR ANY DUTY OR STANDARD OF CONDUCT BASED ON
NEGLIGENCE, GROSS NEGLIGENCE, STRICT LIABILITY OR PERSONAL INJURY OR OTHER TORT
OR VIOLATION OF APPLICABLE GOVERNMENTAL REQUIREMENTS, OR OTHERWISE, NO PARTY WILL
HAVE RECOURSE AGAINST ANY PERSON OTHER THAN THE DEFAULTING OR BREACHING
PARTY ITSELF NOR AGAINST ANY ASSETS OTHER THAN THE ASSETS OF THE
DEFAULTING OR BREACHING PARTY ITSELF. 
 5.7
EXPRESS NEGLIGENCE. EXCEPT AS OTHERWISE EXPRESSED THEREIN, THE INDEMNITY, RELEASES
AND LIMITATIONS ON DAMAGES, RECOURSE AND LIABILITIES IN THIS AGREEMENT (INCLUDING
ARTICLE 5) ARE INTENDED TO BE ENFORCEABLE AGAINST THE PARTIES IN ACCORDANCE
WITH THE EXPRESS TERMS AND SCOPE THEREOF, REGARDLESS OF CAUSE. 

ARTICLE 6 

CONFIDENTIALITY 
 6.1
All Company Confidential Information furnished to, or developed by, any member of the Transocean Group or any of its respective employees, directors or sub-contractors pursuant to this Agreement shall be kept confidential by Provider, subject to
the provisions below, during and for a period of two years after the term of this Agreement. 
 6.1.1 For the purpose
of this Section 6.1, “Company Confidential Information” shall mean information relating to the business of the Company Group, as well as all know-how, trade secrets and other intellectual property rights of the Company
Group of which Provider becomes aware or generates in the course of or in connection with the performance of its obligations hereunder. 

6.1.2 The provisions of this Section 6.1 shall not apply to Company Confidential Information which: 

  
 16 

 (a) is required to be disclosed by law or court order; 

(b) is public knowledge at the time of the Effective Date; 

(c) has become public knowledge other than as a result of the conduct of Provider prohibited hereunder; or 

(d) has been approved in writing for disclosure by the disclosure committee of the Transocean Group or the disclosure committee
of the Company Group. 
 6.2 All Transocean Confidential Information furnished to, or developed by, any member of the Company Group
or any of its respective employees, directors or sub-contractors pursuant to this Agreement shall be the property of Provider and shall be kept confidential by the Company Group, subject to the provisions below, during and for a period of two years
after the term of this Agreement. 
 6.2.1 For the purpose of this Section 6.2, “Transocean
Confidential Information” shall mean information relating to the business of the Transocean Group, as well as all know-how, trade secrets and other intellectual property rights of the Transocean Group of which the Company becomes aware or
generates in the course of or in connection with the performance of its obligations hereunder. 
 6.2.2 The provisions
of this Section 6.2 shall not apply to Transocean Confidential Information which: 
 (a) is required to be
disclosed by law or court order; 
 (b) is public knowledge at the time of the Effective Date; or 

(c) has become public knowledge other than as a result of the conduct of any member of the Company Group prohibited hereunder.

 6.3 In the event any patent, potential patent or registrable right in any country in the world is developed during the execution
of the obligations under this Agreement, the rights to such shall vest solely with Provider, and Provider shall be entitled to disclose and use such information at its discretion.  

ARTICLE 7 

DISCONTINUATION OF SERVICES; TERM AND TERMINATION 

7.1 Discontinuation of Services. The Company may, upon 90 days’ advance written notice to Provider, elect to discontinue
any individual Service from time to time; provided, that in no event shall the Company be permitted to terminate the compliance services set forth in Section 2.1.8 related to the Consent Decree or the EPA Agreement; provided
further, that any discontinuation of any Service will not affect the amounts payable to Provider hereunder unless (and then only to the extent that) the charges for the discontinued Services are separately

  
 17 

 
identified in this Agreement or are charged based on actual use. The Company shall be liable to Provider for all costs and expenses Provider or any member of the Company Group remains obligated
to pay in connection with any discontinued Service or Services, except as provided in Section 5.1.1. 
 7.2 Term and
Termination. 
 7.2.1 This Agreement shall have an initial term of five years unless terminated: 

(a) by either Party within 90 days of the other Party (i) commencing a voluntary case under the bankruptcy, insolvency or
similar law, (ii) making an assignment or any general arrangement for the benefit of creditors, (iii) otherwise becoming bankrupt or insolvent (however evidenced), (iv) receiving a decree or court order for relief in an involuntary
case under the bankruptcy, insolvency or similar law or (v) having appointed a liquidator, administrator, receiver, trustee, conservator or similar official with respect to it or any substantial portion of its property or assets; 

(b) by Provider after 90 days’ written notice of: 

(i) (1) a member of the Transocean Group ceasing, directly or indirectly, to have direct or indirect beneficial ownership and
the power to vote or direct the voting of at least [    ]% of the Common Units (as defined in the LLC Agreement) or (2) the sale of all or substantially all of the assets of the Company; or 

(ii) the removal of the Transocean Member (as defined in the LLC Agreement); or 

(c) by the Company: 

(i) upon 90 days’ written notice to Provider for any reason in its sole discretion; or 

(ii) immediately upon written notice to Provider if Provider shall, by any act or omission, be in breach of any material
obligation under this Agreement and such breach shall continue for a period of 90 days after written notice thereof has been delivered by the Company to Provider. 

7.2.2 The right of the Company to terminate this agreement set forth in Section 7.2.1(c)(ii) and the rights
set forth in Section 5.1.1 shall constitute the sole and exclusive rights and remedies of the Company Group for the failure of Provider to provide a Service (or a portion thereof) in accordance herewith or a breach hereof (including any
failure or breach caused by an Affiliate of Provider or other third party providing a Service hereunder). 

  
 18 

 ARTICLE 8 

FORCE MAJEURE 
 8.1
Effect and Definition. No failure or omission by any Party to perform or carry out its obligations in accordance with this Agreement (other than the obligation to make payment) shall give rise to any claim by the other Party or be deemed
a breach of this Agreement if such failure or omission arises from a Force Majeure Event. “Force Majeure Event” shall mean any event or circumstance that is beyond the reasonable control of the Party affected thereby, including
lightning, earthquakes, tornadoes, hurricanes, floods, wash outs, storms, fires, explosions, epidemics, acts of God, other natural disasters, acts of the public enemy, computer crimes, cyber terrorism, actions by any Governmental Authority or other
governmental interference, insurrections, riots, civil disturbance, sabotage, terrorism, threats of sabotage or terrorism, vandalism, wars and war like actions (whether declared or undeclared and whether actual, pending or expected), confiscation,
seizure, arrests or other restraints by a Governmental Authority, blockades, embargoes, boycotts, strikes, lockouts, labor unrest and other labor disputes, and any shortage of adequate power or transportation facilities. 

8.2 Notification Requirements. The Party claiming to be affected by a Force Majeure Event shall, as soon as reasonably
practicable, notify the other Party of the beginning and end of any event claimed to be a Force Majeure Event and use commercially reasonable efforts to resume performance in accordance with this Agreement as soon as is reasonably practicable after
the end of the Force Majeure Event. 
 8.3 Cooperation. The Parties shall cooperate in reasonable respects with each
other to find alternative means and methods for the provision of any suspended Service with respect to a Force Majeure Event. 

ARTICLE 9 
 ADDITION AND
REMOVAL OF PARTIES 
 If Provider consents, which consent shall not be unreasonably withheld, an Affiliate of the Company may become a
Party to this Agreement by executing a joinder in the form attached as Exhibit B hereto. If the Company consents, which consent shall not be unreasonably withheld, an Affiliate of Provider may become a Party to this Agreement by executing a
joinder in the form attached as Exhibit B hereto. Each Party hereto hereby agrees that upon execution of a joinder in the form attached as Exhibit B hereto and without need for further documents or instruments, each such signator shall
become and be a Party under this Agreement, provided that any applicable conditions set forth in this Article 9 are satisfied. By execution of such a joinder, each additional Party represents and warrants that it has all requisite authority
to become and be a Party under this Agreement and also agrees to and accepts the terms and provisions of this Agreement. 

  
 19 

 ARTICLE 10 

NOTICES 
 All
correspondence or notices required or permitted to be given under this Agreement shall be given in English and sent by mail, fax or electronic mail or delivered by hand at the following addresses: 

If to the Company Group: 

Transocean Partners LLC 

Deepwater House 

Kingswells Causeway 

Prime Four Business Park 

Aberdeen, AB15 8PU 

Scotland 

United Kingdom 

Fax: [                    ]

 Attn. [            ] 

If to Provider: 

Transocean Offshore Deepwater Drilling Inc. 

4 Greenway Plaza 

Post Office Box 2765 

Houston, TX 77252-2765 

United States 

Fax: (713) 232-[            ] 

Attn.
[                    ] 
 or such other address or fax
number as either Party may designate to the other Party in writing. Notices will be deemed to be delivered at the time of mail room receipt, if sent by mail or hand delivery, by the time of successful transmission, if sent by fax, or on the read
receipt email if sent by email. 
 ARTICLE 11 

MISCELLANEOUS 
 11.1
Construction Rules. 
 11.1.1 A reference to an Article, Section or Schedule shall mean an Article
or Section of, or a Schedule to, this Agreement unless otherwise explicitly set forth. The titles and headings herein are for reference purposes only and shall not in any manner limit the construction of this Agreement which shall be considered as a
whole. 

  
 20 

 11.1.2 The words “include,” “includes” and
“including” when used in this Agreement shall be deemed in each case to be followed by the words “without limitation.” 

11.1.3 The words “hereof,” “herein” and “herewith” and words of similar import will,
unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular provision of this Agreement. 

11.1.4 The word “or” when used in this Agreement will not be exclusive. 

11.1.5 Words in the singular when used in this Agreement will be held to include the plural. 

11.1.6 Unless specifically stated otherwise, all dollar amounts referred to in this Agreement or required to be paid
pursuant to this Agreement are expressed in and shall be paid in United States Dollar funds. 
 11.2 Binding Effect;
Assignment. This Agreement shall inure to the benefit of and be binding upon the Parties and their respective legal representatives and successors. Neither Party may assign its rights and/or obligations under this Agreement without the
consent of the other Party, which consent shall not be unreasonably withheld. 
 11.3 Entire Agreement. This Agreement and the
Exhibits referenced or attached hereto, together with the Master Services Agreement dated [            ] among [            ]
constitute the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all prior written and oral and all contemporaneous oral agreements and understandings with respect to the subject matter hereof. 

11.4 Governing Law. This Agreement shall be governed and construed and enforced in accordance with the laws of the State of
Texas (except that the provisions of Article 5 shall instead be governed by and construed in accordance with the laws of England and Wales) without regard to principles of conflicts of laws thereof that would result in the application of the
laws of any other jurisdiction. 
 11.5 Counterparts. This Agreement, including the Exhibits hereto and the other documents
referred to herein, may be executed in counterparts, each of which shall be deemed to be an original but all of which shall constitute one and the same agreement. 

11.6 No Third Party Beneficiaries. This Agreement is solely for the benefit of the Company Group, Provider and any Affiliate of
Provider providing Services hereunder and is not intended to confer upon any other Person, except for any Indemnified Party under Article 5. 

11.7 Severability. If any term or other provision of this Agreement or the Exhibits attached hereto is determined by a
nonappealable decision by a court, administrative agency or arbitrator to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full
force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either Party. Upon such determination that any 

  
 21 

 
term or other provision is invalid, illegal or incapable of being enforced, the court, administrative agency or arbitrator shall interpret this Agreement so as to effect the original intent of
the Parties as closely as possible in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest extent possible. If any sentence in this Agreement is so broad as to be unenforceable, the provision shall be
interpreted to be only so broad as is enforceable. 
 11.8 Failure or Indulgence Not Waiver; Remedies Cumulative. No failure
or delay on the part of any Party in the exercise of any right hereunder shall impair such right or be construed to be a waiver of, or acquiescence in, any breach of any representation, warranty or agreement herein, nor shall any single or partial
exercise of any such right preclude other or further exercise thereof or of any other right. All rights and remedies existing under this Agreement or the Exhibits attached hereto are cumulative to, and not exclusive of, any rights or remedies
otherwise available. 
 11.9 Amendment. No change or amendment will be made to this Agreement except by an instrument in
writing signed on behalf of each of the Parties. 
 11.10 Authority. Each of the Parties represents to the other that
(a) it has the corporate or other requisite power and authority to execute, deliver and perform this Agreement, (b) the execution, delivery and performance of this Agreement by it have been duly authorized by all necessary corporate or
other actions, (c) it has duly and validly executed and delivered this Agreement, and (d) this Agreement is a legal, valid and binding obligation, enforceable against it in accordance with their respective terms subject to applicable
bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting creditors’ rights generally and general equity principles. 

11.11 Specific Performance. In the event of any actual or threatened default in, or breach of, any of the terms, conditions and
provisions of this Agreement, the Party or the Parties who are or are to be thereby aggrieved shall have the right to specific performance and injunctive or other equitable relief of their rights under this Agreement, in addition to any and all
other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at law for any breach or threatened breach, including monetary damages, are inadequate compensation for any loss
and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any requirements for the securing or posting of any bond with such remedy are waived. 

11.12 Construction. This Agreement shall be construed as if jointly drafted by the Provider and the Company Group and, except as
set forth in this Section 11.12, no rule of construction or strict interpretation shall be applied against any Party. THE PARTIES EACH ACKNOWLEDGE THAT
THE TERMS OF THIS AGREEMENT WERE DETERMINED IN THE CONTEXT OF A
PARENT-SUBSIDIARY RELATIONSHIP AND ARE NOT INTENDED TO BE COMPARABLE TO
TERMS THE COMPANY GROUP COULD HAVE OBTAINED FROM AN UNAFFILIATED THIRD
PARTY. 
 11.13 Relationship of Parties. Each member of the Company Group understands and agrees that
Provider’s relationship to such member of the Company Group under this Agreement is strictly a contractual arrangement on the terms and conditions set forth in this Agreement, that no fiduciary, trust, partnership, joint venture, agency or
advisory relationship exists between 

  
 22 

 
Provider and such member of the Company Group, that all Services are provided by Provider as an independent contractor and that such member of the Company Group hereby waives any and all rights
that it may otherwise have under applicable Governmental Requirements to make any claims or take any action against Provider or any of its Affiliates based on any theory of agency, fiduciary duty, relationship of trust or other special standard of
care. 
 11.14 Further Assurances. From time to time, each Party agrees to execute and deliver such additional documents, and
will provide such additional information and assistance as either Party may reasonably require to carry out the terms of this Agreement. 

11.15 Survival. The Parties agree that Articles 4, 5, 6, 11 and 12 and any limitations on
liability or responsibility and any exculpatory, disclaimer, waiver or similar provisions will survive the termination of this Agreement and that any such termination shall not affect any obligation for the payment of Services rendered or any other
amounts due to Provider under this Agreement prior to termination. 
 11.16 Forum for Disputes. Any actions, suits or
proceedings arising out of or relating to this Agreement must be instituted in a state or federal court located in the State of Texas (assuming such court has jurisdiction). The Parties waive any objections they may have to such venue and
irrevocably submit to the jurisdiction of any such court in any such action, suit or proceeding. 
 ARTICLE 12 

DEFINED TERMS 
 12.1
Defined Terms. The following terms shall have the meaning ascribed thereto for purposes of this Agreement: 

12.1.1 “Administrative Services” has the meaning given such term in Section 1.1. 

12.1.2 “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by or under common control with, such Person; provided, however, that the Company and its subsidiaries shall not be deemed to be Affiliates of Transocean Ltd. and its subsidiaries (other than the Company and its
subsidiaries) and that Transocean Ltd. and its subsidiaries (other than the Company and its subsidiaries) shall not be deemed to be Affiliates of the Company and its subsidiaries. For purposes of this definition, “control” (including, with
correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management
or policies of such Person, whether through the ownership of voting securities, by contract or otherwise. 
 12.1.3
“Agreement” is defined in the introduction to this Agreement. 
 12.1.4 “Board” has
the meaning given such term in Section 1.4. 

  
 23 

 12.1.5 “Certifying Authority” means any Person authorized
by a Governmental Authority to certify compliance with applicable rules and regulations. 
 12.1.6
“Claim” has the meaning given such term in Section 5.4.1. 
 12.1.7 “Claim
Notice” has the meaning given such term in Section 5.4.1(a). 
 12.1.8 “Classification
Society” means a classification society or similar organization that is accepted in industry practice, including the American Bureau of Shipping and DNV. 

12.1.9 “Consent Decree” means that civil consent decree by and among the U.S. Department of Justice and
certain of the Provider’s Affiliates arising out of the Macondo well incident. 
 12.1.10 “Consequential
Damages” has the meaning given such term in Section 5.5. 
 12.1.11 “Company” is
defined in the introduction to this Agreement. 
 12.1.12 “Company Confidential Information” has the
meaning given such term in Section 6.1.1. 
 12.1.13 “Company Group” is defined in the
introduction to this Agreement. 
 12.1.14 “Company Holding Subsidiary” is defined in the
introduction to this Agreement. 
 12.1.15 “Company Operating Subsidiary” is defined in the
introduction to this Agreement. 
 12.1.16 “Company Subsidiary” is defined in the introduction to
this Agreement. 
 12.1.17 “Company Rigs” has the meaning given such term in Section 2.1.5(a).

 12.1.18 “Costs and Expenses” has the meaning given such term in Section 4.1.1. 

12.1.19 “Damages” has the meaning given such term in Section 5.2.1. 

12.1.20 “Effective Date” has the meaning given such term in Section 1.5. 

12.1.21 “Election Period” has the meaning given such term in Section 5.4.1(a). 

12.1.22 “EPA Agreement” means that certain administrative agreement entered into by Provider, certain
of Provider’s Affiliates and the U.S. Environmental Protection Agency related to the Macondo well incident. 

  
 24 

 12.1.23 “Force Majeure Event” has the meaning given such
term in Section 8.1. 
 12.1.24 “Governmental Authority” means any instrumentality,
subdivision, court, administrative or other agency, commission, official or other authority of any country or any state, province, prefect, municipality, locality or other government or political subdivision thereof, or any governmental,
quasi-governmental or private body exercising any executive, regulatory, taxing, importing or other governmental or quasi-governmental authority. 

12.1.25 “Governmental Requirement” means at any time (i) any law, statute, code, ordinance, order,
rule, regulation, judgment, decree, injunction, writ, edict, award, authorization or other requirement of any Governmental Authority in effect at that time or (ii) any obligation included in any certificate, certification, franchise, permit or
license issued by any Governmental Authority or resulting from binding arbitration, including any requirement under common law. 

12.1.26 “Gross Negligence” means a negligent act or negligent failure to act (whether sole, joint or
concurrent) by any person, which act or failure to act is more fundamental than a failure to exercise proper skill and/or care and would reasonably be perceived as entailing an extreme degree of risk of injury to a Person or physical loss of or
damage to property (considering the probability and magnitude of the potential injury, loss or damage), coupled with the person’s actual awareness of and indifference to such extreme risk. 

12.1.27 “Indemnified Party” has the meaning given such term in Section 5.4.1. 

12.1.28 “Indemnifying Party” has the meaning given such term in Section 5.4.1(a). 

12.1.29 “Indemnity Notice” has the meaning given such term in Section 5.4.2. 

12.1.30 “Invoice” has the meaning given such term in Section 4.1.3. 

12.1.31 “LLC Agreement” has the meaning given such term in Section 1.4. 

12.1.32 “Management Services” has the meaning given such term in Section 1.2. 

12.1.33 “Non-Conforming Drilling Contract” means any drilling contract for which Provider has notified
the Company Group, prior to the Company Group’s entry therein, that the indemnification provisions contained therein do not conform with the Transocean Group’s written contracting principles in effect at the time a member of the Company
Group entered into such drilling contract. Provider shall provide the Company electronic access to written copies of its contracting principles in effect as of the Effective Time and during the term of this Agreement and shall provide the Company
electronic access to written copies of any amendments or updates to such contracting principles. 

  
 25 

 The Company shall provide to Provider drafts of any drilling contracts to be entered into by any member of the
Company Group after the Effective Date prior to entering into any such drilling contracts. 
 12.1.34
“NYSE” means the New York Stock Exchange. 
 12.1.35 “Party” is defined in the
introduction to this Agreement. 
 12.1.36 “Person” means any individual, partnership, joint venture,
corporation, limited liability company, limited liability partnership, trust, unincorporated organization or association or a Governmental Authority. 

12.1.37 “Provider” is defined in the introduction to this Agreement. 

12.1.38 “Provider Indemnified Parties” has the meaning given such term in Section 5.2.1. 

12.1.39 “Provider Systems” has the meaning given such term in Section 2.2.4(b). 

12.1.40 “Regardless of Cause” means, whether or not any Damages are asserted to have arisen by virtue
of tort (including negligence), breach of statutory duty, breach of contract (including breach of condition) or quasi-contract, strict liability, misrepresentation, breach of any laws, regulations, rules or orders of any Governmental Requirements or
otherwise, on the part of the Party or other Person seeking indemnity (or exclusion or limitation of liability). Regardless of Cause means whether or not any Damages are asserted to have been caused by or arisen by virtue of Gross Negligence on the
part of the Party or other Person seeking indemnity (or exclusion or limitation of liability). 
 12.1.41
“Reimbursement Statement” has the meaning given such term in Section 4.1.2. 
 12.1.42
“SEC” means the United States Securities and Exchange Commission. 
 12.1.43 “Security
Regulations” has the meaning given such term in Section 2.2.4(b). 
 12.1.44
“Services” has the meaning given such term in Section 1.2. 
 12.1.45 “Services
Fee” has the meaning given such term in Section 4.1.2. 
 12.1.46 “Technical
Services” has the meaning given such term in Section 1.1. 
 12.1.47 “Third Party
Costs” has the meaning given such term in Section 4.2. 

  
 26 

 12.1.48 “Transfer Pricing Rules” means the requirements
under Section 482 of the U.S. Internal Revenue Code of 1986, as amended, or comparable provisions of state, local or foreign law. 

12.1.49 “Transocean Confidential Information” has the meaning given such term in Section 6.2.1.

 12.1.50 “Transocean Group” means Transocean Ltd. and its subsidiaries, other than the Company and
its subsidiaries. 
 12.1.51 “Transocean Software” has the meaning given such term in Section
2.2.4(a). 
 12.1.52 “Transfer Taxes” has the meaning given such term in Section 4.1.6.

 12.1.53 “Willful Misconduct” means any intentional wrongful act or intentional wrongful failure to
act (whether sole, joint or concurrent) with actual knowledge that such act (or failure to act) is wrongful and with the intention to cause injury to a person, physical loss of or damage to property, breach of a contract or quasi-contract or breach
of any Government Requirement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 27 

 IN WITNESS WHEREOF, the Parties have executed this Agreement to be effective as of the Effective
Date. 
  

									
	PROVIDER	 		 	COMPANY
			
	 TRANSOCEAN OFFSHORE

DEEPWATER DRILLING INC.
	 		 	TRANSOCEAN PARTNERS LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

 COMPANY HOLDING SUBSIDIARIES 

 

									
	TRITON RIGP DCL HOLDINGS LIMITED	 		 	TRITON RIGP DIN HOLDINGS LIMITED
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

  

									
	TRITON RIGP DD3 HOLDINGS LIMITED	 		 	TRANSOCEAN RIGP DCL OPCO LIMITED
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

  

									
	TRANSOCEAN RIGP DIN OPCO LIMITED	 		 	TRANSOCEAN RIGP DD3 OPCO LIMITED
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	

 Signature Page to 

Master Services Agreement 

 COMPANY OPERATING SUBSIDIARIES 

 

									
	TRANSOCEAN RIGP DCL LLC	 		 	TRANSOCEAN RIGP DIN LLC
					
	By:	 	  
	 		 	By:	 	  

	Name:	 		 		 	Name:	 	
	Title:	 		 		 	Title:	 	
				
	TRANSOCEAN RIGP DD3 LLC	 		 		 	
					
	By:	 	  
	 		 		 	
	Name:	 		 		 		 	
	Title:	 		 		 		 	

 Signature Page to 

Master Services Agreement 

 EXHIBIT A 

PROVIDER AFFILIATES AND SUBSIDIARIES 

  
 Exhibit A 

 EXHIBIT B 

FORM OF JOINDER 

This Joinder Agreement (this “Agreement”) is made as of the date written below by the undersigned (the
“Joining Party”) in accordance with that certain Master Services Agreement (the “Master Services Agreement”) by and among Transocean Offshore Deepwater Drilling Inc., a Delaware corporation
(together with its Affiliates and subsidiaries set forth on Exhibit A to the Master Services Agreement, “Provider”), Transocean Partners LLC, a Marshall Islands limited liability company (the
“Company”), the holding company subsidiaries of the Company which are signatories to the Master Services Agreement (each a “Company Holding Subsidiary”) and the rig-operating subsidiaries of the Company which are
signatories to the Master Services Agreement (each a “Company Operating Subsidiary”). Capitalized terms not defined herein shall have the meanings given to such terms in the Master Services Agreement. 

The Joining Party hereby acknowledges, agrees and confirms that, by its execution of this Agreement, the Joining Party shall become a party to
the Master Services Agreement as of the date hereof, and (i) shall have all of the rights and obligations thereof as more fully set forth therein as if it had executed the Master Services Agreement directly, and (ii) agrees to be bound by
the terms, provisions and conditions pertaining thereto, as more fully set forth therein, as if it had executed the Master Services Agreement directly. 

IN WITNESS WHEREOF, the undersigned has executed this Agreement as of the date written below. 

Date:                      

 

			
	The Joining Party is becoming a Party to the Master Services Agreement as (check one):
	 ̈ Company Holding Subsidiary
	 ̈ Company Operating Subsidiary
	
	[                                    
                ]
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 Exhibit B

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00233-of-00352.parquet"}]]