Disclaimer

This guide provides highlights of the Transocean, Inc. benefit programs for employees who are U.S. National Residents; U.S. National Commuters; U.S. Expatriate Commuters; U.S. Expatriate Resident Commuters; Expatriate Residents with a U.S. Home Address. It is not a Summary Plan Description or official plan document. The guide is a general summary of certain terms and conditions of the health and welfare benefits and is for information purposes only. If there are any discrepancies or conflicts between this guide and the terms of the official plan documents and any underlying insurance contracts, as applicable, the official plan documents and insurance contracts, as applicable, will control. Nothing in this document creates an employment contract between Transocean Inc. and any employees. Transocean Inc. reserves the right to amend, change or terminate the plans or any underlying contract, at any time and without notice, at its sole discretion, according to the terms of the applicable plan.

Annual Enrollment

Around the 4th quarter of each year you will be given an opportunity to change your coverage, to be effective the first of the coming year. Coverage cannot be changed outside of this time period, unless you experience a qualifying family status change during the year (e.g. marriage, divorce, birth or adoption of a child, change in spouse's eligibility for medical coverage, etc.) If you did not enroll, you will default into your most recently elected coverage, except for HSA and FSA, which have to be elected every year.

New Hire Enrollment

You have 60 days from your hire date to enroll in benefits. The elections you make as a new hire become effective on your hire date and remain in effect through the end of that year. They can’t be changed unless you experience a qualifying family status change during the year.

If you don't take action within 60 days:

• You won't have Medical, Dental, Vision, Voluntary Life, Voluntary Accidental Death & Dismemberment (AD&D) or Flexible Spending Account coverage through Transocean.
• You will have basic, company-paid Life Insurance, AD&D Insurance, Short-Term Disability and Long-Term Disability.
• After 60 days, you will be automatically enrolled in the U.S. Savings Plan at a 3% pre-tax contribution rate in the Plan's default investment option. Your contribution rate will automatically increase by 1% each year on the anniversary of your original auto-enrollment until you are contributing 5%.

A Note About Payroll Deductions

If you are paid semi-monthly, the monthly cost of benefits is divided by 2 and then deducted from your paychecks.

If you are paid monthly, your benefits premiums are deducted from each paycheck according to your election.

Qualifying Family Status Change

You can notify Transocean of a Qualifying Family Status Change online at Your​Transocean​Benefits.com. You will need to log into your account and select “Life Changes” at the top of the page. Then, select the type of qualifying status change you are making (i.e., marriage, birth of a child, etc.). If the change you are making is not listed, select “Other Life Changes” and follow the prompts to process your change. If you have a question, you can click "contact us" or call the Benefits Center at 1 855 RIG 5005 or +1 646 259 0401, 7 a.m. to 7 p.m. Central Standard Time. Please refer to the Summary Plan Descriptions (SPDs) of each plan on Rig Central for a complete list of qualifying events. After you have added a new dependent, you will receive information from the Dependent Verification team about how to provide the required documentation.

Transferring Employee Enrollment

You have 60 days from your transfer date (the date in which you change to a US employment class and change to a US home address) to enroll in benefits. A transfer is defined as a change that affects your employee status and/or causes you to lose coverage due to a move.

The elections you make at enrollment will be effective on your transfer date and remain in effect through the end of that year. They cannot be changed unless you experience a qualifying family status change during the year.

If you don't enroll

• You will either be automatically enrolled in the default medical plan (PPO plan) or you will default to waived coverage and you will not be enrolled in benefits, depending on where you are transferring from:
  • Those transferring from Expat status, will be auto-enrolled for Medical, Dental and Voluntary AD&D Insurance at the same coverage level in which you were previously enrolled. The PPO Plan is the default Medical plan.
  • Those transferring from a National (non-U.S.) classification, will default to waived coverage and you will not be enrolled in benefits.
• You will not have Vision, Voluntary Life Insurance, Voluntary Spouse Life Insurance, or Flexible Spending Accounts.
• You will have basic Company-paid Life Insurance and AD&D Insurance, Short-Term Disability, and Long-Term Disability.
• You will be auto-enrolled in the U.S. Savings Plan at a 3% pre-tax contribution rate in the Plan's default investment option. Your contribution rate will increase by 1% each year on the anniversary of your original auto-enrollment until you are contributing 5%.

Automatic enrollment only occurs if you transfer from Expat status. If you transfer from a National (non-US) classification and do not enroll, you will default to waived coverage and you will not be enrolled in benefits.

Why do we need to ensure only eligible dependents are covered?

As a self-insured medical plan, Transocean is responsible for paying the claims submitted by members in the plan, including covered dependents. That’s right; Transocean pays the claims submitted by each of us as members in the plan. For example, if you go to the doctor and your statement says, “Insurance paid $200,” that is $200 paid by Transocean to the cost of your medical care.

The claims submitted and paid by Transocean are a direct contributor to the amount you pay for insurance premiums. The more claims experienced and paid by the company, the larger future annual premiums will be. As a plan sponsor, Transocean is responsible for ensuring claims are paid appropriately (utilizing UHC) and only eligible claims expenses for eligible dependents are paid, to ensure costs for all plan participants are managed.

Virtual Visits

Don’t forget! If you participate in the Transocean Medical Plan administered by UnitedHealthcare, you have access to a more convenient way to receive care for minor illnesses like a cold/flu, fever, UTI, pink eye, rash, or stomach ache.

Virtual Visits let you see a doctor 24 hours a day, 7 days a week, 365 days a year. Appointments can take place by webcam or a camera-equipped mobile device. Most visits take only 10 minutes, and in most cases, doctors can write a prescription to pick up at your local pharmacy! The best part—Virtual Visits cost no more than $49, which is much less than the average Primary Care visit of $100, and you don’t need to wait at the doctor’s office.

To make a Virtual Visit, log in to myuhc.com from your computer and select Virtual Visit. You can also access Virtual Visit providers from the UnitedHealthcare app on your smartphone or tablet. Select Search then Quick Care or People to access a Virtual Visit. From there, select from the list of state-based provider sites where you can register to receive care.

2nd MD

Sometimes a second opinion is just what the doctor ordered. 2nd MD, a leader in virtual consultations, connects you with board-certified, leading doctors across the country for an expert second opinion via video or phone within 3 to 5 days. All at no cost to you. To help, the Care Team coordinates all the details so you can focus on one thing – getting the best care possible.

We know the road to parenthood can sometimes be challenging. That’s why we've partnered with Progyny, offering you a comprehensive fertility benefit including:

• A premier network of providers — 800+ fertility specialists in 600+ clinics across the U.S, many of whom are nationally recognized and don’t typically participate in national carrier networks.
• A dedicated patient care advocate (PCA) — A single point of contact providing clinical and emotional support throughout your entire fertility journey.
• Fertility medications — Covered under Progyny Rx and designed to work seamlessly with your overall fertility treatment plan.

Healthy

Protect and improve your health by getting good preventive care. When you enroll in an HSA Plan, preventive, generic prescription drugs are covered at 100%. If there is no generic available, the preferred name-brand prescription drug will be covered at 100%. That is a big savings over the PPO Plan.

IRS Requirements

To be eligible to open an HSA, the Internal Revenue Service requires you to be enrolled in a high deductible health plan (HDHP). The Transocean HSA Plans qualify as high deductible health plans.

These additional rules apply as well:

• You can not be enrolled in Medicare.
• You can not receive health benefits under TRICARE.
• You can not have received Veterans Administration (VA) benefits within the past three months.
• You can not be claimed as a dependent on another person's tax return.
• You can not use a general purpose healthcare flexible spending account (FSA) or health reimbursement account (HRA). Alternative plan designs, such as a limited-purpose FSA or HRA, are permitted.

Know Before You Go

Not sure what kind of provider visit is right for your ailment?

When an unexpected illness or injury occurs, going to the ER might not always be your best option. By choosing an alternative, you could save yourself the long waits and as much as $1,200. To help keep healthcare costs down for our employees, we are working with UnitedHealthcare to ensure you have the tools available to Check your care options, Choose a care provider and Go for better health. From 24-hour nurses to Virtual Visits to urgent care centers and beyond, knowing your options can help save you time, money and frustration.

Knowing all your options for different types of conditions can save you money. Start comparing today.

And for more routine doctor visits, procedures, and exams, you should compare costs to get the best care at the best price. To do so, visit myuhc.com and use the myHealthcare Cost Estimator, or know on the go by downloading the UnitedHealthcare UnitedHealthcare app.

Wealthy

Here are the top six reasons choosing an HSA Plan makes sense:

1. The HSA monthly premiums are lower than the PPO plan.
2. Although not guaranteed in the future, for 2019, Transocean contributes to your Health Savings Account to help you pay for care.
3. Because you can save pre-tax money for your current and future medical costs, it's a great way to save on taxes AND prepare for the future.
4. Money left in the Health Savings Account at the end of the year carries over to the next year – and beyond. Your HSA is a great way to prepare for medical care in retirement.
5. Generic preventive drugs are covered at 100%.
6. Every dollar spent from your HSA counts towards your deductible. In the PPO, pharmacy expenses only count toward the out-of-pocket max but NOT the deductible.

Wise

Are you wise about healthcare? Did you know that high quality care isn't always the most expensive option? Finding and fixing health problems before they become really serious is the smart thing to do. For example, taking a prescription drug to manage your blood pressure is much less expensive than ignoring the problem and ending up in the hospital.

The HSA Plans encourage you to be wise about your healthcare. When you make wise healthcare decisions, your Transocean contribution lasts longer and your dollars go further. For example using generic prescriptions over brand name drugs is more cost effective. And, certain generic prescription drugs are considered "preventive" and are covered at 100% by the HSA Plans.

And, it's always a good idea to shop around before you get care. Costs for healthcare services can vary by as much as 500%, depending on which location you choose. Use the health4me app and www.myuhc.com to compare costs first, so you're sure you get the best care for the best cost.

Dependent Care Flexible Spending Account (FSA)

This FSA is used to reimburse yourself for day care, day camp, elder care, or other expenses you pay because both you and your spouse work, your spouse goes to school full-time or your spouse isn't mentally or physically able to care for himself or herself.

• Set aside $240 to $5,000 each calendar year (if you and your spouse file separate tax returns, the maximum is $2,500).
• Leftover FSA dollars are forfeited. Be sure to file claims by the 31 March deadline.
• The Dependent Care FSA is not for healthcare costs. Put medical care dollars in your Healthcare FSA or Health Savings Account.
• The Internal Revenue Service has strict rules about eligible dependents and eligible costs. For details, speak with your tax advisor, visit the IRS website, or call the IRS at +1 800 829 3676.

Limited Purpose Flexible Spending Account for HSA Plans

This FSA is for people who enroll in the Health Savings Account Basic or Health Savings Account Plus medical options. The money set aside in this FSA can only be used for dental and vision costs. You would use your Health Savings Account for your medical expenses.

The Limited Purpose Flexible Spending Account (FSA) works just like the Healthcare FSA, except it can only be used for dental and vision expenses.

• Set aside $240 to $3,050 each calendar year.
• You have until 31 December to use your current year Limited Purpose FSA.
• When you use network dentists or eye doctors, UnitedHealthcare will automatically deduct your out-of-pocket expenses from your Limited Purpose FSA.
• You have until 31 March of the following year to file claims for your current year Limited Purpose FSA.
• The Internal Revenue Service has strict rules about eligible dependents and eligible costs. For details, speak with your tax advisor, visit the IRS website, or call the IRS at +1 800 829 3676.
• Leftover FSA dollars are forfeited.

Healthcare Flexible Spending Account for PPO Plan Participants

You can use this FSA to reimburse yourself for any healthcare costs you pay out of your own pocket, like deductibles, coinsurance and other costs not covered by your Medical, Dental or Vision Plan.

Use your Healthcare FSA to pay for your family's costs too.

• Set aside $240 to $3,050 each calendar year.
• You have until 31 December to use your current year Healthcare FSA.
• Leftover FSA dollars are forfeited. Be sure to file claims by the 31 March deadline.
• When you use network providers, UnitedHealthcare will automatically reimburse you from your account for out-of-pocket expenses.
• You must have a prescription to claim expenses for over-the-counter medicines. There are certain exceptions. Visit the IRS website to learn more.
• You don't have to be enrolled in other Transocean benefits to use the Healthcare FSA.
• If you choose the HSA Basic or HSA Plus medical option and want to use the Healthcare FSA, you should elect the Limited Purpose FSA.
• The Internal Revenue Service has strict rules about eligible dependents and eligible costs. For details, speak with your tax advisor, visit the IRS website, or call the IRS at +1 800 829 3676.

Guaranteed Issue Coverage and Evidence of Insurability

The Guaranteed Issue (GI) amounts are:

• Up to $250,000 of Voluntary Life coverage for you
• Up to $50,000 of Dependent Life coverage for your spouse
• Up to $20,000 of Dependent Life coverage for each of your dependent children

During annual enrollment, you may enroll or increase your coverage by one times your annual base salary, up to $250,000 without providing Evidence of Insurability. In addition you can enroll or increase your spouse life insurance by one increment up to $50,000 without providing Evidence of Insurability.

If you wish to buy more coverage than the Guaranteed Issue limit, you must provide Evidence of Insurability to the insurance carrier. If you select Voluntary or Dependent Life coverage that requires EOI, the insurance carrier will ask for additional information after enrollment. New York Life will approve or deny your request for excess coverage based on this information.

While your request for extra coverage is being processed by New York Life, you will be covered for the maximum GI amount for which you are eligible. If your request for excess coverage is approved by New York Life, your coverage will become effective on the first of the month following the date of approval.

Voluntary AD&D Insurance

You can elect to cover yourself alone or add your family to your coverage. Here's how Voluntary AD&D works: