<?xml version="1.0" encoding="us-ascii"?>
<!-- Created by Merrill Corporation -->
<!--Based on XBRL 2.1-->
<!--Created on: 2/25/2015 4:52:08 PM-->
<!--Modified on: 2/25/2015 4:52:08 PM-->
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nonoperating Income (Expense) [Abstract]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentIncomeInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment Income, Interest</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (loss) associated with effective portion</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNonoperatingIncomeExpense" xlink:label="us-gaap_OtherNonoperatingIncomeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Nonoperating Income (Expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherNonoperatingIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NonoperatingIncomeExpense" xlink:label="us-gaap_NonoperatingIncomeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonoperatingIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nonoperating Income (Expense)</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) from continuing operations before income tax expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) from continuing operations before income tax expense</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax benefit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) from continuing operations</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsHeldForSaleCurrent" xlink:label="us-gaap_AssetsHeldForSaleCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleCurrent" xlink:to="us-gaap_AssetsHeldForSaleCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsHeldForSaleCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held-for-sale, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsHeldForSaleCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets held for sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AssetsHeldForSaleCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets held for sale, included in current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxAssetsNetCurrent" xlink:label="us-gaap_DeferredTaxAssetsNetCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNetCurrent" xlink:to="us-gaap_DeferredTaxAssetsNetCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Assets, Net of Valuation Allowance, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredTaxAssetsNetCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income taxes, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherAssetsCurrent" xlink:label="us-gaap_OtherAssetsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsCurrent" xlink:to="us-gaap_OtherAssetsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Assets, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsCurrent" xlink:label="us-gaap_AssetsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsCurrent" xlink:to="us-gaap_AssetsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_AssetsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentGross" xlink:label="us-gaap_PropertyPlantAndEquipmentGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentGross" xlink:to="us-gaap_PropertyPlantAndEquipmentGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, Plant and Equipment, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" xlink:to="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Less accumulated depreciation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentNet" xlink:label="us-gaap_PropertyPlantAndEquipmentNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentNet" xlink:to="us-gaap_PropertyPlantAndEquipmentNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, Plant and Equipment, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and equipment, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and equipment, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Goodwill" xlink:label="us-gaap_Goodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Goodwill" xlink:to="us-gaap_Goodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net carrying amount at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net carrying amount at the beginning of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_Goodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherAssetsNoncurrent" xlink:label="us-gaap_OtherAssetsNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsNoncurrent" xlink:to="us-gaap_OtherAssetsNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Assets, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Assets" xlink:label="us-gaap_Assets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Assets" xlink:to="us-gaap_Assets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_Assets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquityAbstract" xlink:to="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities and Equity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities and equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccountsPayableCurrent" xlink:label="us-gaap_AccountsPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccountsPayableCurrent" xlink:to="us-gaap_AccountsPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccountsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccruedIncomeTaxesCurrent" xlink:label="us-gaap_AccruedIncomeTaxesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedIncomeTaxesCurrent" xlink:to="us-gaap_AccruedIncomeTaxesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedIncomeTaxesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued Income Taxes, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccruedIncomeTaxesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued income taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtCurrent" xlink:label="us-gaap_DebtCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtCurrent" xlink:to="us-gaap_DebtCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt due within one year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLiabilitiesCurrent" xlink:label="us-gaap_OtherLiabilitiesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesCurrent" xlink:to="us-gaap_OtherLiabilitiesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Liabilities, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesCurrent" xlink:label="us-gaap_LiabilitiesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesCurrent" xlink:to="us-gaap_LiabilitiesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtNoncurrent" xlink:label="us-gaap_LongTermDebtNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtNoncurrent" xlink:to="us-gaap_LongTermDebtNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Excluding Current Maturities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesNoncurrent" xlink:to="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liabilities, Net, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredTaxLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income taxes, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrent" xlink:label="us-gaap_OtherLiabilitiesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrent" xlink:to="us-gaap_OtherLiabilitiesNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Liabilities, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other long-term liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OtherLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total other long-term liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesNoncurrent" xlink:label="us-gaap_LiabilitiesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesNoncurrent" xlink:to="us-gaap_LiabilitiesNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total long-term liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommitmentsAndContingencies" xlink:label="us-gaap_CommitmentsAndContingencies" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RedeemableNoncontrollingInterestEquityCommonCarryingAmount" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCommonCarryingAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RedeemableNoncontrollingInterestEquityCommonCarryingAmount" xlink:to="us-gaap_RedeemableNoncontrollingInterestEquityCommonCarryingAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCommonCarryingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance, beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RedeemableNoncontrollingInterestEquityCommonCarryingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redeemable noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockValue" xlink:label="us-gaap_CommonStockValue" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock, Value, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_CommonStockValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, CHF 15.00 par value, 396,260,487 authorized, 167,617,649 conditionally authorized, 373,830,649 issued and 362,279,530 outstanding at December 31, 2014 and 373,830,649 authorized, 167,617,649 conditionally authorized, 373,830,649 issued and 360,764,100 outstanding at December 31, 2013</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapital" xlink:label="us-gaap_AdditionalPaidInCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapital" xlink:to="us-gaap_AdditionalPaidInCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Paid in Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional paid-in capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TreasuryStockValue" xlink:label="us-gaap_TreasuryStockValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockValue" xlink:to="us-gaap_TreasuryStockValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Stock, Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_TreasuryStockValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares, at cost, 2,863,267 held at December 31, 2014 and 2013</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsAccumulatedDeficit" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsAccumulatedDeficit" xlink:to="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings (Accumulated Deficit)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsAccumulatedDeficit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated other comprehensive loss, balance end of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated other comprehensive loss, balance beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated other comprehensive loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquity" xlink:label="us-gaap_StockholdersEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquity" xlink:to="us-gaap_StockholdersEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stockholders' Equity Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total controlling interest shareholders' equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterest" xlink:label="us-gaap_MinorityInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterest" xlink:to="us-gaap_MinorityInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stockholders' Equity Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest" xlink:to="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LiabilitiesAndStockholdersEquity" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LiabilitiesAndStockholdersEquity" xlink:to="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities and Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LiabilitiesAndStockholdersEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total liabilities and equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockParOrStatedValuePerShare" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockParOrStatedValuePerShare" xlink:to="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock, Par or Stated Value Per Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockParOrStatedValuePerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, CHF par value (in Swiss francs per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesAuthorized" xlink:label="us-gaap_CommonStockSharesAuthorized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesAuthorized" xlink:to="us-gaap_CommonStockSharesAuthorized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock, Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, authorized</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SharesConditionallyAuthorized" xlink:label="rig_SharesConditionallyAuthorized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SharesConditionallyAuthorized" xlink:to="rig_SharesConditionallyAuthorized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SharesConditionallyAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conditional capital represents the amount of additional registered shares that the board is authorized to issue without obtaining additional shareholder approval.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SharesConditionallyAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares Conditionally Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SharesConditionallyAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, conditionally authorized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesIssued" xlink:label="us-gaap_CommonStockSharesIssued" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesIssued" xlink:to="us-gaap_CommonStockSharesIssued_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock, Shares, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, issued</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockSharesOutstanding" xlink:label="us-gaap_CommonStockSharesOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockSharesOutstanding" xlink:to="us-gaap_CommonStockSharesOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock, Shares, Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockSharesOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TreasuryStockShares" xlink:label="us-gaap_TreasuryStockShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockShares" xlink:to="us-gaap_TreasuryStockShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Stock, Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementOfStockholdersEquityAbstract" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfStockholdersEquityAbstract" xlink:to="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfStockholdersEquityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONDENSED CONSOLIDATED STATEMENTS OF EQUITY</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementEquityComponentsAxis" xlink:label="us-gaap_StatementEquityComponentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementEquityComponentsAxis" xlink:to="us-gaap_StatementEquityComponentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementEquityComponentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Components [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EquityComponentDomain" xlink:label="us-gaap_EquityComponentDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityComponentDomain" xlink:to="us-gaap_EquityComponentDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityComponentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Component [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityComponentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Component [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ParentMember" xlink:label="us-gaap_ParentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ParentMember" xlink:to="us-gaap_ParentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ParentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Parent [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ParentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total controlling interest shareholders' equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommonStockMember" xlink:label="us-gaap_CommonStockMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommonStockMember" xlink:to="us-gaap_CommonStockMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommonStockMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdditionalPaidInCapitalMember" xlink:label="us-gaap_AdditionalPaidInCapitalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdditionalPaidInCapitalMember" xlink:to="us-gaap_AdditionalPaidInCapitalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Paid In Capital [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdditionalPaidInCapitalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional paid-in capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TreasuryStockMember" xlink:label="us-gaap_TreasuryStockMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TreasuryStockMember" xlink:to="us-gaap_TreasuryStockMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury Stock [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TreasuryStockMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Treasury shares, at cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RetainedEarningsMember" xlink:label="us-gaap_RetainedEarningsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RetainedEarningsMember" xlink:to="us-gaap_RetainedEarningsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Earnings [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RetainedEarningsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained earnings</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedOtherComprehensiveIncomeMember" xlink:to="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated other comprehensive loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NoncontrollingInterestMember" xlink:label="us-gaap_NoncontrollingInterestMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncontrollingInterestMember" xlink:to="us-gaap_NoncontrollingInterestMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncontrollingInterestMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward" xlink:to="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Stockholders' Equity [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInStockholdersEquityRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Shareholders' Equity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharesIssued" xlink:label="us-gaap_SharesIssued" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharesIssued" xlink:to="us-gaap_SharesIssued_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares, Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance (in shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_SharesIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance (in shares)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest1" xlink:label="rig_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest1" xlink:to="rig_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent and is not considered redeemable or temporary. Such redeemable or temporary interest is classified outside of permanent equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Comprehensive Income Net of Tax Including Portion Attributable to Noncontrolling Interest 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total comprehensive income (loss)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to Additional Paid in Capital, Share-based Compensation, Requisite Service Period Recognition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based compensation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodValueShareBasedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of shares under share-based compensation plans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation" xlink:to="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period, Shares, Share-based Compensation, Net of Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesShareBasedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of shares under share-based compensation plans (in shares)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_StockIssuedDuringPeriodValueIssuedForNonCashConsideration" xlink:label="rig_StockIssuedDuringPeriodValueIssuedForNonCashConsideration" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_StockIssuedDuringPeriodValueIssuedForNonCashConsideration" xlink:to="rig_StockIssuedDuringPeriodValueIssuedForNonCashConsideration_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_StockIssuedDuringPeriodValueIssuedForNonCashConsideration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Value of stock issued for noncash consideration.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_StockIssuedDuringPeriodValueIssuedForNonCashConsideration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period Value Issued for Noncash Consideration</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_StockIssuedDuringPeriodValueIssuedForNonCashConsideration_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of shares in exchange for noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1" xlink:to="us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncash or Part Noncash Acquisition, Noncash Financial or Equity Instrument Consideration, Shares Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncashOrPartNoncashAcquisitionNoncashFinancialOrEquityInstrumentConsiderationSharesIssued1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of shares in exchange for noncontrolling interest (in shares)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FairValueAdjustmentOfRedeemableNonControllingInterest" xlink:label="rig_FairValueAdjustmentOfRedeemableNonControllingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FairValueAdjustmentOfRedeemableNonControllingInterest" xlink:to="rig_FairValueAdjustmentOfRedeemableNonControllingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FairValueAdjustmentOfRedeemableNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The fair value adjustment to the carrying amount of the redeemable noncontrolling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FairValueAdjustmentOfRedeemableNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Adjustment of Redeemable Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="rig_FairValueAdjustmentOfRedeemableNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value adjustment to redeemable noncontrolling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FairValueAdjustmentOfRedeemableNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value adjustment of redeemable noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ReclassificationFromRedeemableNonControllingInterestAOCI" xlink:label="rig_ReclassificationFromRedeemableNonControllingInterestAOCI" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ReclassificationFromRedeemableNonControllingInterestAOCI" xlink:to="rig_ReclassificationFromRedeemableNonControllingInterestAOCI_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ReclassificationFromRedeemableNonControllingInterestAOCI_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents accumulated other comprehensive income formerly attributable to redeemable noncontrolling interest that has been recharacterized as a liability during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ReclassificationFromRedeemableNonControllingInterestAOCI_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification from Redeemable Noncontrolling Interest AOCI</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTerseLabel" xlink:label="rig_ReclassificationFromRedeemableNonControllingInterestAOCI_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification from redeemable noncontrolling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ReclassificationFromRedeemableNonControllingInterestAOCI_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification to accumulated other comprehensive loss</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NoncontrollingInterestIncreaseFromEquityIssuanceOrSaleOfParentEquityInterest" xlink:label="rig_NoncontrollingInterestIncreaseFromEquityIssuanceOrSaleOfParentEquityInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NoncontrollingInterestIncreaseFromEquityIssuanceOrSaleOfParentEquityInterest" xlink:to="rig_NoncontrollingInterestIncreaseFromEquityIssuanceOrSaleOfParentEquityInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NoncontrollingInterestIncreaseFromEquityIssuanceOrSaleOfParentEquityInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents an increase in noncontrolling interest from issuance of additional equity interests to noncontrolling interest holders or the sale of a portion of the parent's controlling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NoncontrollingInterestIncreaseFromEquityIssuanceOrSaleOfParentEquityInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest, Increase from Equity Issuance or Sale of Parent Equity Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NoncontrollingInterestIncreaseFromEquityIssuanceOrSaleOfParentEquityInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale of noncontrolling interest, net of issue costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings" xlink:to="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to Additional Paid in Capital, Dividends in Excess of Retained Earnings</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_AdjustmentsToAdditionalPaidInCapitalDividendsInExcessOfRetainedEarnings_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification of obligation for distribution of qualifying additional paid-in capital</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AllocatedCapitalForSaleOfNoncontrollingInterest" xlink:label="rig_AllocatedCapitalForSaleOfNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AllocatedCapitalForSaleOfNoncontrollingInterest" xlink:to="rig_AllocatedCapitalForSaleOfNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AllocatedCapitalForSaleOfNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents an amount of allocated capital for sale of noncontrolling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AllocatedCapitalForSaleOfNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allocated Capital for Sale of Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AllocatedCapitalForSaleOfNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allocated capital for sale of noncontrolling interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_AllocatedCapitalForSaleOfNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in Additional Paid-in Capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders" xlink:to="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest, Decrease from Distributions to Noncontrolling Interest Holders</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_MinorityInterestDecreaseFromDistributionsToNoncontrollingInterestHolders_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distributions to holders of non controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockholdersEquityOther" xlink:label="us-gaap_StockholdersEquityOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockholdersEquityOther" xlink:to="us-gaap_StockholdersEquityOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockholdersEquityOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stockholders' Equity, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockholdersEquityOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementOfCashFlowsAbstract" xlink:label="us-gaap_StatementOfCashFlowsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOfCashFlowsAbstract" xlink:to="us-gaap_StatementOfCashFlowsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOfCashFlowsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract" xlink:to="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments, Noncash Items, to Reconcile Net Income (Loss) to Cash Provided by (Used in) Operating Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to reconcile to net cash provided by operating activities:</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AmortizationOfDrillingContractIntangibles" xlink:label="rig_AmortizationOfDrillingContractIntangibles" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AmortizationOfDrillingContractIntangibles" xlink:to="rig_AmortizationOfDrillingContractIntangibles_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AmortizationOfDrillingContractIntangibles_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amortization of fair value of drilling contract intangible assets and liabilities associated with future drilling contract services acquired in connection with the Merger. Revenues are recognized over the respective contract period using the straight-line method of amortization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AmortizationOfDrillingContractIntangibles_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of Drilling Contract Intangibles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AmortizationOfDrillingContractIntangibles_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of drilling contract intangibles</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepreciationDepletionAndAmortization" xlink:label="us-gaap_DepreciationDepletionAndAmortization" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationDepletionAndAmortization" xlink:to="us-gaap_DepreciationDepletionAndAmortization_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation, Depletion and Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DepreciationDepletionAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DepreciationAndAmortizationDiscontinuedOperations" xlink:label="us-gaap_DepreciationAndAmortizationDiscontinuedOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DepreciationAndAmortizationDiscontinuedOperations" xlink:to="us-gaap_DepreciationAndAmortizationDiscontinuedOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DepreciationAndAmortizationDiscontinuedOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation and Amortization, Discontinued Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DepreciationAndAmortizationDiscontinuedOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation of assets in discontinued operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensation" xlink:label="us-gaap_ShareBasedCompensation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensation" xlink:to="us-gaap_ShareBasedCompensation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based compensation expense</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLoss" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLoss" xlink:to="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of impairment loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Impairment Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on impairment of assets in discontinued operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on impairment of assets in discontinued operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfPropertyPlantEquipment" xlink:to="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Disposition of Property Plant Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GainLossOnSaleOfPropertyPlantEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">(Gain) loss on disposal of assets, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:label="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax" xlink:to="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">(Gain) loss on disposal of assets in discontinued operations, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (loss) on disposal of assets in discontinued operations, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AmortizationOfFinancingCostsAndDiscounts" xlink:to="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of Financing Costs and Discounts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AmortizationOfFinancingCostsAndDiscounts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization of debt issue costs, discounts and premiums, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredIncomeTaxExpenseBenefit" xlink:to="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Income Tax Expense (Benefit)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax benefit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DeferredIncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred income tax benefit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherNoncashIncomeExpense" xlink:label="us-gaap_OtherNoncashIncomeExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherNoncashIncomeExpense" xlink:to="us-gaap_OtherNoncashIncomeExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Noncash Income (Expense)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherNoncashIncomeExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredRevenue" xlink:to="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Deferred Revenue</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInDeferredRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in deferred revenue, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInDeferredCharges" xlink:label="us-gaap_IncreaseDecreaseInDeferredCharges" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInDeferredCharges" xlink:to="us-gaap_IncreaseDecreaseInDeferredCharges_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInDeferredCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Deferred Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInDeferredCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in deferred expenses, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapital" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapital" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Operating Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in operating assets and liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash provided by (used in) operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInOperatingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Operating Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from operating activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInOperatingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash provided by operating activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Investing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from investing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment" xlink:to="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments to Acquire Property, Plant, and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital expenditures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PaymentsToAcquirePropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total capital expenditures</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PaymentsForCapitalExpendituresForDiscontinuedOperations" xlink:label="rig_PaymentsForCapitalExpendituresForDiscontinuedOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PaymentsForCapitalExpendituresForDiscontinuedOperations" xlink:to="rig_PaymentsForCapitalExpendituresForDiscontinuedOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PaymentsForCapitalExpendituresForDiscontinuedOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cash outflow associated with payments for capital expenditures of long-lived, physical assets in discontinued operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PaymentsForCapitalExpendituresForDiscontinuedOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments for Capital Expenditures for Discontinued Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="rig_PaymentsForCapitalExpendituresForDiscontinuedOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital expenditures for discontinued operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment" xlink:to="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Sale of Property, Plant, and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash proceeds from sale of assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from disposal of assets, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromDivestitureOfBusinesses" xlink:label="us-gaap_ProceedsFromDivestitureOfBusinesses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromDivestitureOfBusinesses" xlink:to="us-gaap_ProceedsFromDivestitureOfBusinesses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromDivestitureOfBusinesses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Divestiture of Businesses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromDivestitureOfBusinesses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from disposal of discontinued operations, net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromDivestitureOfBusinesses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from disposal of assets in discontinued operations, net</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CashProceedsReceivedFromSaleOfPreferenceSharesInvestingActivities" xlink:label="rig_CashProceedsReceivedFromSaleOfPreferenceSharesInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CashProceedsReceivedFromSaleOfPreferenceSharesInvestingActivities" xlink:to="rig_CashProceedsReceivedFromSaleOfPreferenceSharesInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CashProceedsReceivedFromSaleOfPreferenceSharesInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the cash inflow from the sale of preference shares classified as an investing activity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CashProceedsReceivedFromSaleOfPreferenceSharesInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Proceeds Received from Sale of Preference Shares Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CashProceedsReceivedFromSaleOfPreferenceSharesInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from sale of preference shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_CashProceedsReceivedFromSaleOfPreferenceSharesInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash proceeds received from the sale of preference shares</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromCollectionOfNotesReceivable" xlink:label="us-gaap_ProceedsFromCollectionOfNotesReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCollectionOfNotesReceivable" xlink:to="us-gaap_ProceedsFromCollectionOfNotesReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromCollectionOfNotesReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Collection of Notes Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromCollectionOfNotesReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from repayment of notes receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PaymentsForProceedsFromOtherInvestingActivities" xlink:to="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments for (Proceeds from) Other Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PaymentsForProceedsFromOtherInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInInvestingActivities" xlink:to="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Investing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetCashProvidedByUsedInInvestingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash used in investing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract" xlink:to="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Cash Provided by (Used in) Financing Activities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flows from financing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromRepaymentsOfShortTermDebt" xlink:label="us-gaap_ProceedsFromRepaymentsOfShortTermDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromRepaymentsOfShortTermDebt" xlink:to="us-gaap_ProceedsFromRepaymentsOfShortTermDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromRepaymentsOfShortTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from (Repayments of) Short-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromRepaymentsOfShortTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in short-term borrowings, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromIssuanceOfLongTermDebt" xlink:to="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Issuance of Long-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromIssuanceOfLongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RepaymentsOfLongTermDebt" xlink:label="us-gaap_RepaymentsOfLongTermDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfLongTermDebt" xlink:to="us-gaap_RepaymentsOfLongTermDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Long-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_RepaymentsOfLongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromSaleOfRestrictedInvestments" xlink:label="us-gaap_ProceedsFromSaleOfRestrictedInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromSaleOfRestrictedInvestments" xlink:to="us-gaap_ProceedsFromSaleOfRestrictedInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromSaleOfRestrictedInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Sale of Restricted Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ProceedsFromSaleOfRestrictedInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from restricted cash investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PaymentsToAcquireRestrictedInvestments" xlink:label="us-gaap_PaymentsToAcquireRestrictedInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetImpairmentChargesAbstract" xlink:label="us-gaap_AssetImpairmentChargesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentReportingDisclosureTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Segments, Geographic Analysis and Major Customers</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CondensedFinancialStatementsDisclosureAbstract" xlink:label="rig_CondensedFinancialStatementsDisclosureAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CondensedFinancialStatementsTextBlock" xlink:label="us-gaap_CondensedFinancialStatementsTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CondensedFinancialStatementsTextBlock" xlink:to="us-gaap_CondensedFinancialStatementsTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CondensedFinancialStatementsTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Consolidating Financial Information</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsAbstract" xlink:label="us-gaap_RelatedPartyTransactionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsAbstract" xlink:to="us-gaap_RelatedPartyTransactionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party Transactions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsDisclosureTextBlock" xlink:to="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party Transactions Disclosure [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionsDisclosureTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party Transactions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:label="us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_QuarterlyFinancialInformationDisclosureAbstract" xlink:to="us-gaap_QuarterlyFinancialInformationDisclosureAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_QuarterlyFinancialInformationDisclosureAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quarterly Results (Unaudited)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_QuarterlyFinancialInformationTextBlock" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quarterly Financial Information [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_QuarterlyFinancialInformationTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quarterly Results (Unaudited)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventsTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Events</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DiscontinuedOperationsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discontinued Operations, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DiscontinuedOperationsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discontinued operations</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OperatingRevenuesAndExpensesPolicyTextBlock" xlink:label="rig_OperatingRevenuesAndExpensesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OperatingRevenuesAndExpensesPolicyTextBlock" xlink:to="rig_OperatingRevenuesAndExpensesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OperatingRevenuesAndExpensesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of accounting policy for recognition of operating revenues and costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OperatingRevenuesAndExpensesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Revenues and Expenses [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OperatingRevenuesAndExpensesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating revenues and expenses</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherRevenuePolicyTextBlock" xlink:label="rig_OtherRevenuePolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherRevenuePolicyTextBlock" xlink:to="rig_OtherRevenuePolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherRevenuePolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Describes an entity's accounting policy for the recognition of other revenues derived from drilling management services, integrated services and customer reimbursable revenues.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherRevenuePolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Revenue [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherRevenuePolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy" xlink:to="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationOptionAndIncentivePlansPolicy_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based compensation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestCapitalizationPolicyPolicyTextBlock" xlink:label="us-gaap_InterestCapitalizationPolicyPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestCapitalizationPolicyPolicyTextBlock" xlink:to="us-gaap_InterestCapitalizationPolicyPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestCapitalizationPolicyPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Capitalization, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestCapitalizationPolicyPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capitalized interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock" xlink:to="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Transactions and Translations Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxPolicyTextBlock" xlink:label="us-gaap_IncomeTaxPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxPolicyTextBlock" xlink:to="us-gaap_IncomeTaxPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsPolicyTextBlock" xlink:to="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and Cash Equivalents, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TradeAndOtherAccountsReceivablePolicy" xlink:to="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade and Other Accounts Receivable, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TradeAndOtherAccountsReceivablePolicy_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accounts receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InventoryPolicyTextBlock" xlink:label="us-gaap_InventoryPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryPolicyTextBlock" xlink:to="us-gaap_InventoryPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Materials and supplies</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AssetsHeldForSalePolicyTextBlock" xlink:label="rig_AssetsHeldForSalePolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AssetsHeldForSalePolicyTextBlock" xlink:to="rig_AssetsHeldForSalePolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AssetsHeldForSalePolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of accounting policy for assets held for sale.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AssetsHeldForSalePolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held For Sale [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AssetsHeldForSalePolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets held for sale</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock" xlink:to="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, Plant and Equipment, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and equipment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsPolicyTextBlock" xlink:label="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsPolicyTextBlock" xlink:to="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of accounting policy for long-lived assets and definite-lived intangible assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Lived Assets and Definite lived Intangible Assets [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-lived assets and definite-lived intangible assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock" xlink:to="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill and Intangible Assets, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GoodwillAndIntangibleAssetsPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativesPolicyTextBlock" xlink:label="us-gaap_DerivativesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativesPolicyTextBlock" xlink:to="us-gaap_DerivativesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivatives, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DerivativesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivatives and hedging</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:label="us-gaap_PensionAndOtherPostretirementPlansPolicy" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PensionAndOtherPostretirementPlansPolicy" xlink:to="us-gaap_PensionAndOtherPostretirementPlansPolicy_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PensionAndOtherPostretirementPlansPolicy_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension and Other Postretirement Plans, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PensionAndOtherPostretirementPlansPolicy_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension and other postretirement benefits</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CommitmentsAndContingenciesPolicyTextBlock" xlink:to="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitments and Contingencies, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CommitmentsAndContingenciesPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contingencies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PriorPeriodReclassificationAdjustmentDescription" xlink:to="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PriorPeriodReclassificationAdjustmentDescription_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassifications</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventsPolicyPolicyTextBlock" xlink:to="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Events, Policy [Policy Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventsPolicyPolicyTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent events</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock" xlink:to="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Variable Interest Entities [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying Amounts of Variable Interest Entities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:label="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock" xlink:to="us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestTableTextBlock" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actual Capital Expenditures and Other Capital Additions Including Capitalized Interest [Table Text Block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfGoodwillTextBlock" xlink:label="us-gaap_ScheduleOfGoodwillTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of carrying amounts of definite-lived intangible asset and intangible liabilities and accumulated amortization and impairment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationTableTextBlock" xlink:label="rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of the estimated future amortization expense (income) on definite-lived intangible assets and liabilities subject to amortization in each of the five succeeding fiscal years and the aggregate amount for all years thereafter as of the date of the latest statement of financial position.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Finite Lived Intangible Assets and Liabilities, Future Amortization [Table Text Block]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfDebtTableTextBlock" xlink:label="us-gaap_ScheduleOfDebtTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xlink:label="us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock" xlink:to="us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Expected Benefit Payments [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfExpectedBenefitPaymentsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of projected benefits payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfCapitalLeasedAsssetsTableTextBlock" xlink:label="us-gaap_ScheduleOfCapitalLeasedAsssetsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCapitalLeasedAsssetsTableTextBlock" xlink:to="us-gaap_ScheduleOfCapitalLeasedAsssetsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCapitalLeasedAsssetsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Capital Leased Assets [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfCapitalLeasedAsssetsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of capital leased assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ScheduleOfCapitalAndOperatingLeasesFutureMinimumPaymentsDueTextBlock" xlink:label="rig_ScheduleOfCapitalAndOperatingLeasesFutureMinimumPaymentsDueTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ScheduleOfCapitalAndOperatingLeasesFutureMinimumPaymentsDueTextBlock" xlink:to="rig_ScheduleOfCapitalAndOperatingLeasesFutureMinimumPaymentsDueTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ScheduleOfCapitalAndOperatingLeasesFutureMinimumPaymentsDueTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tabular disclosure of future minimum rental payments related to noncancellable operating leases and capital leases.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ScheduleOfCapitalAndOperatingLeasesFutureMinimumPaymentsDueTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Capital and Operating Leases, Future Minimum Payments Due [Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ScheduleOfCapitalAndOperatingLeasesFutureMinimumPaymentsDueTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of aggregate future minimum rental payments related to noncancellable operating leases and the capital leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligations Disclosure [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationsDisclosureTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of aggregate future payments required under purchase obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:label="us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock" xlink:to="us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ContractualObligationFiscalYearMaturityScheduleTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of settlement obligations under the Plea Agreement and the Consent Decree, excluding interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RedeemableNoncontrollingInterestTableTextBlock" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RedeemableNoncontrollingInterestTableTextBlock" xlink:to="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redeemable Noncontrolling Interest [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RedeemableNoncontrollingInterestTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in redeemable noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:label="us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock" xlink:to="us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in accumulated other comprehensive loss</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock" xlink:to="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification out of Accumulated Other Comprehensive Income [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReclassificationOutOfAccumulatedOtherComprehensiveIncomeTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of significant reclassifications from accumulated other comprehensive income to net income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable" xlink:to="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationArrangementsByShareBasedPaymentAwardTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorAxis" xlink:label="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorAxis" xlink:to="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pertinent data describing and reflecting required disclosures pertaining to a share-based compensation arrangement share-based awards by factors.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Share Based Compensation Arrangement by Share Based Payment Award by Factor [Axis]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorDomain" xlink:label="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorDomain" xlink:to="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based compensation awards by factors.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule Of Share Based Compensation Arrangement By Share Based Payment Award By Factor [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ScheduleOfShareBasedCompensationArrangementByShareBasedPaymentAwardByFactorDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Share Based Compensation Arrangement by Share Based Payment Award by Factor [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TimeBasedAwardMember" xlink:label="rig_TimeBasedAwardMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TimeBasedAwardMember" xlink:to="rig_TimeBasedAwardMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TimeBasedAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Awards that are earned only if there is continued employment/service.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TimeBasedAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Time Based Award [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TimeBasedAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Time-based awards</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MarketBasedAwardMember" xlink:label="rig_MarketBasedAwardMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MarketBasedAwardMember" xlink:to="rig_MarketBasedAwardMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MarketBasedAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Awards that are earned based on the achievement of certain market factors.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MarketBasedAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Market Based Award [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MarketBasedAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Market-based awards</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PerformanceBasedAwardMember" xlink:label="rig_PerformanceBasedAwardMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PerformanceBasedAwardMember" xlink:to="rig_PerformanceBasedAwardMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PerformanceBasedAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Awards that are earned based on the achievement of certain performance criteria.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PerformanceBasedAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Performance Based Award [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PerformanceBasedAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Performance-based awards</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Plans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xlink:label="us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of weighted-average assumption for option valuation</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ScheduleOfShareBasedCompensationDeferredUnitsActivityTableTextBlock" xlink:label="rig_ScheduleOfShareBasedCompensationDeferredUnitsActivityTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ScheduleOfShareBasedCompensationDeferredUnitsActivityTableTextBlock" xlink:to="rig_ScheduleOfShareBasedCompensationDeferredUnitsActivityTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ScheduleOfShareBasedCompensationDeferredUnitsActivityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of the number and weighted-average grant date fair value for deferred units that were outstanding at the beginning and end of the year, and the number of deferred units that were granted, vested, or forfeited during the year.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ScheduleOfShareBasedCompensationDeferredUnitsActivityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Share Based Compensation, Deferred Units Activity [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ScheduleOfShareBasedCompensationDeferredUnitsActivityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of unvested deferred units activity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summary of activity for vested and unvested stock options outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfShareBasedCompensationStockAppreciationRightsAwardActivityTableTextBlock" xlink:label="us-gaap_ScheduleOfShareBasedCompensationStockAppreciationRightsAwardActivityTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfShareBasedCompensationStockAppreciationRightsAwardActivityTableTextBlock" xlink:to="us-gaap_ScheduleOfShareBasedCompensationStockAppreciationRightsAwardActivityTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTextBlock" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amounts and fair values of the financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock" xlink:label="us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfRevenueFromExternalCustomersAttributedToForeignCountriesByGeographicAreaTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of operating revenues for continuing operations by country</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock" xlink:label="us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfEntityWideDisclosureOnGeographicAreasLongLivedAssetsInIndividualForeignCountriesByCountryTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of long-lived assets of the entity's continuing operations by country</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:label="us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock" xlink:to="us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Income Statement [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfCondensedIncomeStatementTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of condensed consolidating statement of operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:label="us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock" xlink:to="us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Balance Sheet [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfCondensedBalanceSheetTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of condensed consolidating balance sheet</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:label="us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock" xlink:to="us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Cash Flow Statement [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfCondensedCashFlowStatementTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of condensed consolidating statement of cash flows</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:label="us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock" xlink:to="us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Quarterly Financial Information [Table Text Block]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScheduleOfQuarterlyFinancialInformationTableTextBlock_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Quarterly Financial Data (Unaudited)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementOperatingActivitiesSegmentAxis" xlink:label="us-gaap_StatementOperatingActivitiesSegmentAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementOperatingActivitiesSegmentAxis" xlink:to="us-gaap_StatementOperatingActivitiesSegmentAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementOperatingActivitiesSegmentAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Activities [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SegmentOperatingActivitiesDomain" xlink:label="us-gaap_SegmentOperatingActivitiesDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentOperatingActivitiesDomain" xlink:to="us-gaap_SegmentOperatingActivitiesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentOperatingActivitiesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment Operating Activities [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentOperatingActivitiesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Activities [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SegmentContinuingOperationsMember" xlink:label="us-gaap_SegmentContinuingOperationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentContinuingOperationsMember" xlink:to="us-gaap_SegmentContinuingOperationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentContinuingOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment Continuing Operations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentContinuingOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Continuing operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SegmentDiscontinuedOperationsMember" xlink:label="us-gaap_SegmentDiscontinuedOperationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentDiscontinuedOperationsMember" xlink:to="us-gaap_SegmentDiscontinuedOperationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentDiscontinuedOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment Discontinued Operations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentDiscontinuedOperationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discontinued operations.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RangeAxis" xlink:label="us-gaap_RangeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeAxis" xlink:to="us-gaap_RangeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RangeMember" xlink:label="us-gaap_RangeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RangeMember" xlink:to="us-gaap_RangeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RangeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinimumMember" xlink:label="us-gaap_MinimumMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinimumMember" xlink:to="us-gaap_MinimumMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinimumMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaximumMember" xlink:to="us-gaap_MaximumMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MaximumMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfMobileOffshoreDrillingUnits" xlink:label="rig_NumberOfMobileOffshoreDrillingUnits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfMobileOffshoreDrillingUnits" xlink:to="rig_NumberOfMobileOffshoreDrillingUnits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfMobileOffshoreDrillingUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of mobile offshore drilling units we own, had partial ownership interests in or operated at the measurement date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfMobileOffshoreDrillingUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Mobile Offshore Drilling Units</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="rig_NumberOfMobileOffshoreDrillingUnits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of mobile offshore drilling units</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfHighSpecificationFloaters" xlink:label="rig_NumberOfHighSpecificationFloaters" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfHighSpecificationFloaters" xlink:to="rig_NumberOfHighSpecificationFloaters_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfHighSpecificationFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High-Specification Floaters, which includes Ultra-Deepwater, Deepwater and Harsh Environment semisubmersibles and drillships. High-Specification Floaters are specialized offshore drilling units with a water depth capacity of 4,500 feet or greater.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfHighSpecificationFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High Specification Floaters</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfHighSpecificationFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High-Specification Floaters (in drilling units)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfMidwaterFloaters" xlink:label="rig_NumberOfMidwaterFloaters" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfMidwaterFloaters" xlink:to="rig_NumberOfMidwaterFloaters_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfMidwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Midwater Floaters. Midwater Floaters are non-high-specification semisubmersibles with a water depth capacity of less than 4,500 feet.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfMidwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Midwater Floaters</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfMidwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Midwater Floaters (in drilling units)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfHighSpecificationJackups" xlink:label="rig_NumberOfHighSpecificationJackups" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfHighSpecificationJackups" xlink:to="rig_NumberOfHighSpecificationJackups_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfHighSpecificationJackups_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High-Specification Jackups. High-Specification Jackups are harsh environment and high-performance jackups. Jackups are self-elevating drilling platforms that have legs that can be lowered to the ocean floor to establish a foundation to support the drilling platform. These units are generally suited for water depths of 400 feet or less.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfHighSpecificationJackups_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High Specification Jackups</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfHighSpecificationJackups_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High-Specification Jackups (in drilling units)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfUltraDeepwaterDrillshipsUnderConstruction" xlink:label="rig_NumberOfUltraDeepwaterDrillshipsUnderConstruction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfUltraDeepwaterDrillshipsUnderConstruction" xlink:to="rig_NumberOfUltraDeepwaterDrillshipsUnderConstruction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfUltraDeepwaterDrillshipsUnderConstruction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Ultra-Deepwater drillships under construction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfUltraDeepwaterDrillshipsUnderConstruction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Ultra Deepwater Drillships under Construction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfUltraDeepwaterDrillshipsUnderConstruction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Ultra-Deepwater drillships under construction (in drilling units)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfHighSpecificationJackupsUnderConstruction" xlink:label="rig_NumberOfHighSpecificationJackupsUnderConstruction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfHighSpecificationJackupsUnderConstruction" xlink:to="rig_NumberOfHighSpecificationJackupsUnderConstruction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfHighSpecificationJackupsUnderConstruction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High-Specification Jackups under construction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfHighSpecificationJackupsUnderConstruction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High Specification Jackups under Construction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfHighSpecificationJackupsUnderConstruction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High-Specification Jackup under construction (in drilling units)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfStandardJackupsOperating" xlink:label="rig_NumberOfStandardJackupsOperating" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfStandardJackupsOperating" xlink:to="rig_NumberOfStandardJackupsOperating_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfStandardJackupsOperating_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Standard Jackups operated during the period. Standard Jackups are all other jackups other than High-Specification Jackups. Jackups are self-elevating drilling platforms that have legs that can be lowered to the ocean floor to establish a foundation to support the drilling platform. These units are generally suited for water depths of 400 feet or less.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfStandardJackupsOperating_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Standard Jackups Operating</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfStandardJackupsOperating_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Standard Jackups (in drilling units)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfStandardJackupsSold" xlink:label="rig_NumberOfStandardJackupsSold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfStandardJackupsSold" xlink:to="rig_NumberOfStandardJackupsSold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfStandardJackupsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of standard jackups sold during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfStandardJackupsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Standard Jackups Sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_NumberOfStandardJackupsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Standard Jackups sold (in drilling units)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSwampBargeSold" xlink:label="rig_NumberOfSwampBargeSold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSwampBargeSold" xlink:to="rig_NumberOfSwampBargeSold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSwampBargeSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of swamp barge sold during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSwampBargeSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Swamp Barge Sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSwampBargeSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of swamp barge sold (in drilling units)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PeriodForWhichStandardJackupsAreToBeOperatedUnderOperatingAgreements" xlink:label="rig_PeriodForWhichStandardJackupsAreToBeOperatedUnderOperatingAgreements" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PeriodForWhichStandardJackupsAreToBeOperatedUnderOperatingAgreements" xlink:to="rig_PeriodForWhichStandardJackupsAreToBeOperatedUnderOperatingAgreements_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PeriodForWhichStandardJackupsAreToBeOperatedUnderOperatingAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period for which the entity is required to operate the standard jackups under the terms of operating agreements.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PeriodForWhichStandardJackupsAreToBeOperatedUnderOperatingAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for which Standard Jackups are to be Operated under Operating Agreements</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PeriodForWhichStandardJackupsAreToBeOperatedUnderOperatingAgreements_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Period for which Standard Jackups are agreed to be operated under operating agreements</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MaximumExpectedTransitionServicesOfferingPeriod" xlink:label="rig_MaximumExpectedTransitionServicesOfferingPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MaximumExpectedTransitionServicesOfferingPeriod" xlink:to="rig_MaximumExpectedTransitionServicesOfferingPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MaximumExpectedTransitionServicesOfferingPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the maximum transition services offering period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MaximumExpectedTransitionServicesOfferingPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum Expected Transition Services Offering Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MaximumExpectedTransitionServicesOfferingPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expected transition services offering period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_MaximumExpectedTransitionServicesOfferingPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum period for which transition services to be provided following the completion of the sale transactions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationAbstract" xlink:label="us-gaap_ShareBasedCompensationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationAbstract" xlink:to="us-gaap_ShareBasedCompensationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based compensation expense</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfTradingDaysUsedToCalculateAverageStockPrice" xlink:label="rig_NumberOfTradingDaysUsedToCalculateAverageStockPrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfTradingDaysUsedToCalculateAverageStockPrice" xlink:to="rig_NumberOfTradingDaysUsedToCalculateAverageStockPrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfTradingDaysUsedToCalculateAverageStockPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of trading days average closing price is used to determine average stock price for performance based compensation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfTradingDaysUsedToCalculateAverageStockPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Trading Days Used to Calculate Average Stock Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfTradingDaysUsedToCalculateAverageStockPrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of trading days considered for calculation of average stock price</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AllocatedShareBasedCompensationExpense" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllocatedShareBasedCompensationExpense" xlink:to="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allocated Share-based Compensation Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AllocatedShareBasedCompensationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based compensation expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee Service Share-based Compensation, Tax Benefit from Compensation Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationTaxBenefitFromCompensationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax benefit on share-based compensation expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestCostsIncurredCapitalizedAbstract" xlink:label="us-gaap_InterestCostsIncurredCapitalizedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestCostsIncurredCapitalizedAbstract" xlink:to="us-gaap_InterestCostsIncurredCapitalizedAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestCostsIncurredCapitalizedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capitalized Interest Costs, Including Allowance for Funds Used During Construction [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestCostsIncurredCapitalizedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capitalized interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestCostsCapitalized" xlink:label="us-gaap_InterestCostsCapitalized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestCostsCapitalized" xlink:to="us-gaap_InterestCostsCapitalized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Costs Capitalized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestCostsCapitalized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capitalized interest costs on construction work in progress</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ForeignCurrencyTransactionAbstract" xlink:label="us-gaap_ForeignCurrencyTransactionAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionAbstract" xlink:to="us-gaap_ForeignCurrencyTransactionAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyTransactionAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Transaction [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ForeignCurrencyTransactionAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign currency</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax" xlink:to="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Currency Transaction Gain (Loss), before Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ForeignCurrencyTransactionGainLossBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net foreign currency exchange gains (losses)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsAbstract" xlink:label="us-gaap_CashAndCashEquivalentsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsAbstract" xlink:to="us-gaap_CashAndCashEquivalentsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and Cash Equivalents [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_RestrictedCashAndInvestments1" xlink:label="rig_RestrictedCashAndInvestments1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_RestrictedCashAndInvestments1" xlink:to="rig_RestrictedCashAndInvestments1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_RestrictedCashAndInvestments1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The carrying amount of cash and investments which are restricted as to withdrawal or usage. Restrictions may include legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or entity statements of intention with regards to particular deposits; however, time deposits and short-term certificates of deposits are not generally included in legally restricted deposits. Excludes compensating balance arrangements that are not agreements which legally restrict the use of cash amounts shown on the balance sheet.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_RestrictedCashAndInvestments1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted Cash and Investments 1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_RestrictedCashAndInvestments1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted cash investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedCashAndInvestmentsCurrent" xlink:label="us-gaap_RestrictedCashAndInvestmentsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndInvestmentsCurrent" xlink:to="us-gaap_RestrictedCashAndInvestmentsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndInvestmentsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted Cash and Investments, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RestrictedCashAndInvestmentsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted cash investments classified in other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedCashAndInvestmentsNoncurrent" xlink:label="us-gaap_RestrictedCashAndInvestmentsNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedCashAndInvestmentsNoncurrent" xlink:to="us-gaap_RestrictedCashAndInvestmentsNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedCashAndInvestmentsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted Cash and Investments, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RestrictedCashAndInvestmentsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted cash investments classified in other assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent" xlink:to="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for Doubtful Accounts Receivable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsReceivableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for doubtful accounts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InventoryNetAbstract" xlink:label="us-gaap_InventoryNetAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryNetAbstract" xlink:to="us-gaap_InventoryNetAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryNetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory, Net [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryNetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Materials and supplies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InventoryValuationReserves" xlink:label="us-gaap_InventoryValuationReserves" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryValuationReserves" xlink:to="us-gaap_InventoryValuationReserves_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryValuationReserves_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory Valuation Reserves</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryValuationReserves_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Materials and supplies, allowance for obsolescence (in dollars)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsHeldForSaleAtCarryingValueAbstract" xlink:label="us-gaap_AssetsHeldForSaleAtCarryingValueAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleAtCarryingValueAbstract" xlink:to="us-gaap_AssetsHeldForSaleAtCarryingValueAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsHeldForSaleAtCarryingValueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held-for-sale, at Carrying Value [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsHeldForSaleAtCarryingValueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets held for sale</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable" xlink:to="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfPropertyPlantAndEquipmentTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, Plant and Equipment [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentByTypeAxis" xlink:to="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentByTypeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, Plant and Equipment, Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTypeDomain" xlink:to="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property Plant And Equipment Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, Plant and Equipment, Type [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DrillingRigsMember" xlink:label="rig_DrillingRigsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DrillingRigsMember" xlink:to="rig_DrillingRigsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DrillingRigsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Details pertaining to drilling rigs owned by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DrillingRigsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Drilling Rigs [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DrillingRigsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Drilling rig units</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BuildingAndBuildingImprovementsMember" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BuildingAndBuildingImprovementsMember" xlink:to="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Building And Building Improvements [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BuildingAndBuildingImprovementsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Buildings and improvements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MachineryAndEquipmentMember" xlink:label="us-gaap_MachineryAndEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MachineryAndEquipmentMember" xlink:to="us-gaap_MachineryAndEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MachineryAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Machinery And Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MachineryAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Machinery and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ChangeInAccountingEstimateByTypeAxis" xlink:label="us-gaap_ChangeInAccountingEstimateByTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ChangeInAccountingEstimateByTypeAxis" xlink:to="us-gaap_ChangeInAccountingEstimateByTypeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ChangeInAccountingEstimateByTypeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in Accounting Estimate by Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ChangeInAccountingEstimateTypeDomain" xlink:label="us-gaap_ChangeInAccountingEstimateTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ChangeInAccountingEstimateTypeDomain" xlink:to="us-gaap_ChangeInAccountingEstimateTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ChangeInAccountingEstimateTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change In Accounting Estimate Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ChangeInAccountingEstimateTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in Accounting Estimate, Type [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ServiceLifeMember" xlink:label="us-gaap_ServiceLifeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ServiceLifeMember" xlink:to="us-gaap_ServiceLifeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ServiceLifeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service Life [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ServiceLifeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service life</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentLineItems" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentLineItems" xlink:to="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, Plant and Equipment [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and equipment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PropertyAndEquipmentAsPercentageOfTotalAssets" xlink:label="rig_PropertyAndEquipmentAsPercentageOfTotalAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PropertyAndEquipmentAsPercentageOfTotalAssets" xlink:to="rig_PropertyAndEquipmentAsPercentageOfTotalAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PropertyAndEquipmentAsPercentageOfTotalAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of total assets represented by property and equipment at end of period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PropertyAndEquipmentAsPercentageOfTotalAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and Equipment as Percentage of Total Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PropertyAndEquipmentAsPercentageOfTotalAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and equipment as a percentage of total assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PropertyAndEquipmentEstimatedOriginalUsefulLife" xlink:label="rig_PropertyAndEquipmentEstimatedOriginalUsefulLife" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PropertyAndEquipmentEstimatedOriginalUsefulLife" xlink:to="rig_PropertyAndEquipmentEstimatedOriginalUsefulLife_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PropertyAndEquipmentEstimatedOriginalUsefulLife_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The original useful life of long-lived, physical assets used in the normal conduct of business and not intended for resale. Examples include land and improvements, buildings, and production equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PropertyAndEquipmentEstimatedOriginalUsefulLife_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and Equipment Estimated Original Useful Life</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PropertyAndEquipmentEstimatedOriginalUsefulLife_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated original useful life</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfRigsWhoseUsefulLifeWasAdjusted" xlink:label="rig_NumberOfRigsWhoseUsefulLifeWasAdjusted" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfRigsWhoseUsefulLifeWasAdjusted" xlink:to="rig_NumberOfRigsWhoseUsefulLifeWasAdjusted_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfRigsWhoseUsefulLifeWasAdjusted_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of drilling rigs whose useful life was adjusted during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfRigsWhoseUsefulLifeWasAdjusted_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Rigs whose Useful Life was Adjusted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfRigsWhoseUsefulLifeWasAdjusted_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of rigs for which useful life was adjusted</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PropertyAndEquipmentEstimatedUsefulLifeBeforeAdjustment" xlink:label="rig_PropertyAndEquipmentEstimatedUsefulLifeBeforeAdjustment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PropertyAndEquipmentEstimatedUsefulLifeBeforeAdjustment" xlink:to="rig_PropertyAndEquipmentEstimatedUsefulLifeBeforeAdjustment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PropertyAndEquipmentEstimatedUsefulLifeBeforeAdjustment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated useful life of long-lived, physical assets used in the normal conduct of business and not intended for resale before adjustment. Examples include land and improvements, buildings and production equipments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PropertyAndEquipmentEstimatedUsefulLifeBeforeAdjustment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and Equipment Estimated Useful Life before Adjustment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PropertyAndEquipmentEstimatedUsefulLifeBeforeAdjustment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated useful life before adjustment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PropertyAndEquipmentEstimatedUsefulLifeAfterAdjustment" xlink:label="rig_PropertyAndEquipmentEstimatedUsefulLifeAfterAdjustment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PropertyAndEquipmentEstimatedUsefulLifeAfterAdjustment" xlink:to="rig_PropertyAndEquipmentEstimatedUsefulLifeAfterAdjustment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PropertyAndEquipmentEstimatedUsefulLifeAfterAdjustment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated useful life of long-lived, physical assets used in the normal conduct of business and not intended for resale after adjustment. Examples include land and improvements, buildings, and production equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PropertyAndEquipmentEstimatedUsefulLifeAfterAdjustment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and Equipment Estimated Useful Life after Adjustment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PropertyAndEquipmentEstimatedUsefulLifeAfterAdjustment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated useful life after adjustment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DepreciationExpenseTaxEffect" xlink:label="rig_DepreciationExpenseTaxEffect" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DepreciationExpenseTaxEffect" xlink:to="rig_DepreciationExpenseTaxEffect_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DepreciationExpenseTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the tax effect of the amount of expense recognized in the current period that reflects the allocation of the cost of tangible assets over the assets' useful lives.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DepreciationExpenseTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation Expense Tax Effect</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DepreciationExpenseTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation expense, tax effect</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DepreciationIncreaseDecreaseInNext12Month" xlink:label="rig_DepreciationIncreaseDecreaseInNext12Month" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DepreciationIncreaseDecreaseInNext12Month" xlink:to="rig_DepreciationIncreaseDecreaseInNext12Month_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DepreciationIncreaseDecreaseInNext12Month_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in depreciation expense in the next 12 months due changes in the assumption in the estimate. The change in the assumption can include change in the estimated life and salvage value.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DepreciationIncreaseDecreaseInNext12Month_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation Increase Decrease In The Next 12 Month</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DepreciationIncreaseDecreaseInNext12Month_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in depreciation expense due to adjustment in salvage value</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ScheduleOfImpairmentOfAssetsTable" xlink:label="rig_ScheduleOfImpairmentOfAssetsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ScheduleOfImpairmentOfAssetsTable" xlink:to="rig_ScheduleOfImpairmentOfAssetsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ScheduleOfImpairmentOfAssetsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Table describes the facts and circumstances leading to the recording of each impairment charge in the period, states the amount of the impairment charge, the method of determining fair value of the associated asset, the caption in the income statement in which the impairment loss is aggregated, and the segment in which the impaired asset is reported. This disclosure does not include impairment of goodwill.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ScheduleOfImpairmentOfAssetsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Impairment of Assets [Table]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeepwaterFloaterAssetsMember" xlink:label="rig_DeepwaterFloaterAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeepwaterFloaterAssetsMember" xlink:to="rig_DeepwaterFloaterAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeepwaterFloaterAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents Deepwater Floater asset group.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeepwaterFloaterAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Floater Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeepwaterFloaterAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Floater asset group</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite-Lived Intangible Assets by Major Class [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:to="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived Intangible Assets Major Class Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite-Lived Intangible Assets, Major Class Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CustomerRelationshipsMember" xlink:label="us-gaap_CustomerRelationshipsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerRelationshipsMember" xlink:to="us-gaap_CustomerRelationshipsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CustomerRelationshipsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer Relationships [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CustomerRelationshipsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer relationships</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ScheduleOfImpairmentOfAssetsLineItems" xlink:label="rig_ScheduleOfImpairmentOfAssetsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ScheduleOfImpairmentOfAssetsLineItems" xlink:to="rig_ScheduleOfImpairmentOfAssetsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ScheduleOfImpairmentOfAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Impairment of Assets [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ScheduleOfImpairmentOfAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairments</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ImpairedLongLivedAssetsHeldAndUsedAbstract" xlink:label="rig_ImpairedLongLivedAssetsHeldAndUsedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ImpairedLongLivedAssetsHeldAndUsedAbstract" xlink:to="rig_ImpairedLongLivedAssetsHeldAndUsedAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ImpairedLongLivedAssetsHeldAndUsedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ImpairedLongLivedAssetsHeldAndUsedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impaired Long Lived Assets Held And Used [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ImpairedLongLivedAssetsHeldAndUsedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-Live assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_ImpairedLongLivedAssetsHeldAndUsedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets held and used</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperations" xlink:label="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperations" xlink:to="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the loss recognized for an asset classified as held and used in continuing operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Lived Assets held and Used Impairment Charge Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss associated with impairment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss associated with the impairment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperationsNetOfTax" xlink:label="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperationsNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperationsNetOfTax" xlink:to="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperationsNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperationsNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the loss recognized for an asset classified as held and used in continuing operations, net of tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperationsNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Lived Assets Held and Used Impairment Charge Continuing Operations Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LongLivedAssetsHeldAndUsedImpairmentChargeContinuingOperationsNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss associated with impairment, net of tax</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LossOnImpairmentOfAssetHeldAndUsedPerDilutedShareContinuingOperations" xlink:label="rig_LossOnImpairmentOfAssetHeldAndUsedPerDilutedShareContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LossOnImpairmentOfAssetHeldAndUsedPerDilutedShareContinuingOperations" xlink:to="rig_LossOnImpairmentOfAssetHeldAndUsedPerDilutedShareContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LossOnImpairmentOfAssetHeldAndUsedPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the loss from impairment charge to continuing operations on assets held and used per each share of dilutive common stock during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LossOnImpairmentOfAssetHeldAndUsedPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on Impairment of Asset held and Used Per Diluted Share Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LossOnImpairmentOfAssetHeldAndUsedPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss associated with impairment per diluted share</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsAbstract" xlink:label="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsAbstract" xlink:to="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Lived Assets and Definite Lived Intangible Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LongLivedAssetsAndDefiniteLivedIntangibleAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-lived assets and definite-lived intangible assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LossOnImpairmentOfAssetPerDilutedShareContinuingOperations" xlink:label="rig_LossOnImpairmentOfAssetPerDilutedShareContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LossOnImpairmentOfAssetPerDilutedShareContinuingOperations" xlink:to="rig_LossOnImpairmentOfAssetPerDilutedShareContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LossOnImpairmentOfAssetPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The loss from impairment charge to continuing operations on assets per each share of dilutive common stock during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LossOnImpairmentOfAssetPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on Impairment of Asset Per Diluted Share, Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LossOnImpairmentOfAssetPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on impairment of assets per diluted share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_LossOnImpairmentOfAssetPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate loss on impairment of assets per diluted share</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillAndOtherIndefiniteLivedIntangibleAssetsAbstract" xlink:label="rig_GoodwillAndOtherIndefiniteLivedIntangibleAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillAndOtherIndefiniteLivedIntangibleAssetsAbstract" xlink:to="rig_GoodwillAndOtherIndefiniteLivedIntangibleAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillAndOtherIndefiniteLivedIntangibleAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill and Other Indefinite Lived Intangible Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillAndOtherIndefiniteLivedIntangibleAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GoodwillImpairmentLoss" xlink:label="us-gaap_GoodwillImpairmentLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairmentLoss" xlink:to="us-gaap_GoodwillImpairmentLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill, Impairment Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GoodwillImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill impairment loss</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillImpairmentLossTaxEffect" xlink:label="rig_GoodwillImpairmentLossTaxEffect" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillImpairmentLossTaxEffect" xlink:to="rig_GoodwillImpairmentLossTaxEffect_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GoodwillImpairmentLossTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the tax effect loss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillImpairmentLossTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Impairment Loss Tax Effect</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillImpairmentLossTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on impairment of goodwill, tax effect</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillImpairmentLossAttributableToControllingInterest" xlink:label="rig_GoodwillImpairmentLossAttributableToControllingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillImpairmentLossAttributableToControllingInterest" xlink:to="rig_GoodwillImpairmentLossAttributableToControllingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GoodwillImpairmentLossAttributableToControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized, attributable to controlling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillImpairmentLossAttributableToControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Impairment Loss Attributable to Controlling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillImpairmentLossAttributableToControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on impairment of goodwill attributable to controlling interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillImpairmentLossPerDilutedShare" xlink:label="rig_GoodwillImpairmentLossPerDilutedShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillImpairmentLossPerDilutedShare" xlink:to="rig_GoodwillImpairmentLossPerDilutedShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GoodwillImpairmentLossPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The aggregate amount of write-downs for impairments recognized during the period for goodwill per each share of dilutive common stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillImpairmentLossPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Impairment Loss Per Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillImpairmentLossPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on impairment of goodwill per diluted share</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillImpairmentLossAttributableToNoncontrollingInterest" xlink:label="rig_GoodwillImpairmentLossAttributableToNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillImpairmentLossAttributableToNoncontrollingInterest" xlink:to="rig_GoodwillImpairmentLossAttributableToNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GoodwillImpairmentLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of loss from the write-down of an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized, attributable to noncontrolling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillImpairmentLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Impairment Loss Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillImpairmentLossAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on impairment of goodwill attributable to noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwill" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwill" xlink:to="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of goodwill impairment loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Impairment Loss Goodwill</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill impairment loss</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillPerDilutedShare" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillPerDilutedShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillPerDilutedShare" xlink:to="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillPerDilutedShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of goodwill impairment loss attributable to the disposal group, including a component of the entity (discontinued operation), per each share of common stock and dilutive common stock equivalents outstanding during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Impairment Loss Goodwill Per Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill impairment loss per diluted share from discontinued operations, net of tax</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillTaxEffect" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillTaxEffect" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillTaxEffect" xlink:to="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillTaxEffect_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the tax effect amount of goodwill impairment loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Impairment (Loss) Goodwill Tax Effect</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossGoodwillTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill impairment loss, tax effect</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GoodwillImpairedAdjustmentToInitialEstimateAmount" xlink:label="us-gaap_GoodwillImpairedAdjustmentToInitialEstimateAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairedAdjustmentToInitialEstimateAmount" xlink:to="us-gaap_GoodwillImpairedAdjustmentToInitialEstimateAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillImpairedAdjustmentToInitialEstimateAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill, Impaired, Adjustment to Initial Estimate Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_GoodwillImpairedAdjustmentToInitialEstimateAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment associated with continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GoodwillImpairedAdjustmentToInitialEstimateAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment to original estimate of goodwill</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillImpairedAdjustmentToInitialEstimatePerDilutedShare" xlink:label="rig_GoodwillImpairedAdjustmentToInitialEstimatePerDilutedShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillImpairedAdjustmentToInitialEstimatePerDilutedShare" xlink:to="rig_GoodwillImpairedAdjustmentToInitialEstimatePerDilutedShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GoodwillImpairedAdjustmentToInitialEstimatePerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The per diluted share amount of an adjustment to a previously reported goodwill impairment charge, which will be recognized in the subsequent reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillImpairedAdjustmentToInitialEstimatePerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Impaired Adjustment to Initial Estimate, Per Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillImpairedAdjustmentToInitialEstimatePerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment to original estimate of goodwill, per diluted share</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillImpairedAdjustmentToInitialEstimateAmountTaxEffect" xlink:label="rig_GoodwillImpairedAdjustmentToInitialEstimateAmountTaxEffect" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillImpairedAdjustmentToInitialEstimateAmountTaxEffect" xlink:to="rig_GoodwillImpairedAdjustmentToInitialEstimateAmountTaxEffect_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GoodwillImpairedAdjustmentToInitialEstimateAmountTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the tax effect amount of an adjustment to a previously reported goodwill impairment charge, which will be recognized in the subsequent reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillImpairedAdjustmentToInitialEstimateAmountTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Impaired Adjustment to Initial Estimate Amount Tax Effect</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillImpairedAdjustmentToInitialEstimateAmountTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment to original estimate of goodwill, tax effect</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstract" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstract" xlink:to="us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension and Other Postretirement Benefit Expense [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension and other postretirement benefits</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlanDeterminationOfNetPeriodicBenefitCostInvestmentGainLossRecognitionPeriod" xlink:label="rig_DefinedBenefitPlanDeterminationOfNetPeriodicBenefitCostInvestmentGainLossRecognitionPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedBenefitPlanDeterminationOfNetPeriodicBenefitCostInvestmentGainLossRecognitionPeriod" xlink:to="rig_DefinedBenefitPlanDeterminationOfNetPeriodicBenefitCostInvestmentGainLossRecognitionPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlanDeterminationOfNetPeriodicBenefitCostInvestmentGainLossRecognitionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the period over which investment gains or losses are recognized from the year in which they occur to determine net periodic benefit costs.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlanDeterminationOfNetPeriodicBenefitCostInvestmentGainLossRecognitionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan Determination of Net Periodic Benefit Cost Investment Gain (Loss) Recognition Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlanDeterminationOfNetPeriodicBenefitCostInvestmentGainLossRecognitionPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recognition period of investment gains or losses related to asset valuation for determining net periodic benefit cost</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ThresholdForAmortizationOfInvestmentGainsAndLossesInDefinedBenefitPlans" xlink:label="rig_ThresholdForAmortizationOfInvestmentGainsAndLossesInDefinedBenefitPlans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ThresholdForAmortizationOfInvestmentGainsAndLossesInDefinedBenefitPlans" xlink:to="rig_ThresholdForAmortizationOfInvestmentGainsAndLossesInDefinedBenefitPlans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ThresholdForAmortizationOfInvestmentGainsAndLossesInDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum threshold percentage for amortization of investment gains or losses of the greater of plan assets or plan liabilities being amortized over the average expected future service period of the employee participants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ThresholdForAmortizationOfInvestmentGainsAndLossesInDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Threshold for Amortization of Investment Gains and Losses in Defined Benefit Plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ThresholdForAmortizationOfInvestmentGainsAndLossesInDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Conditional amortization gains or losses as percentage of greater of plan assets or liabilities, minimum</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlanObligationsNumberOfFairValuationAssumptions" xlink:label="rig_DefinedBenefitPlanObligationsNumberOfFairValuationAssumptions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedBenefitPlanObligationsNumberOfFairValuationAssumptions" xlink:to="rig_DefinedBenefitPlanObligationsNumberOfFairValuationAssumptions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlanObligationsNumberOfFairValuationAssumptions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of critical assumptions used while determining the obligations and related costs for our defined benefit pension and other postretirement benefit plans, retiree life insurance and medical benefits actuarially.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlanObligationsNumberOfFairValuationAssumptions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan Obligations Number of Fair Valuation Assumptions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlanObligationsNumberOfFairValuationAssumptions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of critical fair value assumptions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:label="us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanFundedStatusOfPlan" xlink:to="us-gaap_DefinedBenefitPlanFundedStatusOfPlan_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanFundedStatusOfPlan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Funded Status of Plan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DefinedBenefitPlanFundedStatusOfPlan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate liability of pension and other postretirement benefit plan obligations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DefinedBenefitPlanFundedStatusOfPlan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Funded status, end of period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:label="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost" xlink:to="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Net Periodic Benefit Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net periodic benefit costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net periodic benefit costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesAbstract" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesAbstract" xlink:to="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amounts associated with consolidated variable interest entities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets" xlink:to="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Consolidated, Carrying Amount, Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities" xlink:to="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Consolidated, Carrying Amount, Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet" xlink:to="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_VariableInterestEntityConsolidatedCarryingAmountAssetsAndLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net carrying amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfVariableInterestEntitiesTable" xlink:to="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfVariableInterestEntitiesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Variable Interest Entities [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:label="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis" xlink:to="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntitiesByClassificationOfEntityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entities [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:label="us-gaap_ClassificationOfVariableInterestEntityDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ClassificationOfVariableInterestEntityDomain" xlink:to="us-gaap_ClassificationOfVariableInterestEntityDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ClassificationOfVariableInterestEntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Classification Of Variable Interest Entity [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ClassificationOfVariableInterestEntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Classification [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanDrillingServicesOffshoreIncMember" xlink:label="rig_TransoceanDrillingServicesOffshoreIncMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanDrillingServicesOffshoreIncMember" xlink:to="rig_TransoceanDrillingServicesOffshoreIncMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanDrillingServicesOffshoreIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents a consolidated British Virgin Islands joint venture company Transocean Drilling Services Offshore Inc., formed to own Transocean Honor.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanDrillingServicesOffshoreIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Drilling Services Offshore Inc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanDrillingServicesOffshoreIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TDSOI</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableInterestEntityLineItems" xlink:label="us-gaap_VariableInterestEntityLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityLineItems" xlink:to="us-gaap_VariableInterestEntityLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners" xlink:to="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership interest in unconsolidated joint venture (as a percent)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage interest in joint venture (TPDI) that is held by an unaffiliated party (Quantum)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByNoncontrollingOwners_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership interest held by minority interest (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestOwnershipPercentageByParent" xlink:to="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest, Ownership Percentage by Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestOwnershipPercentageByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership interest in affiliate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_VariableInterestEntitiesAssetsPledgedAsCollateral" xlink:label="rig_VariableInterestEntitiesAssetsPledgedAsCollateral" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_VariableInterestEntitiesAssetsPledgedAsCollateral" xlink:to="rig_VariableInterestEntitiesAssetsPledgedAsCollateral_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_VariableInterestEntitiesAssetsPledgedAsCollateral_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of assets of variable interest entities that are pledged as security for the outstanding debt of consolidated variable interest entities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_VariableInterestEntitiesAssetsPledgedAsCollateral_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entities Assets Pledged as Collateral</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_VariableInterestEntitiesAssetsPledgedAsCollateral_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate carrying amount of consolidated VIEs assets, pledged as security against outstanding debt of consolidated VIEs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableInterestEntityNotPrimaryBeneficiaryDisclosuresAbstract" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryDisclosuresAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryDisclosuresAbstract" xlink:to="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryDisclosuresAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryDisclosuresAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity, Not Primary Beneficiary, Disclosures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityNotPrimaryBeneficiaryDisclosuresAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unconsolidated Variable interest entities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfNotesReceivableFromSaleOfMidwaterFloaters" xlink:label="rig_NumberOfNotesReceivableFromSaleOfMidwaterFloaters" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfNotesReceivableFromSaleOfMidwaterFloaters" xlink:to="rig_NumberOfNotesReceivableFromSaleOfMidwaterFloaters_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfNotesReceivableFromSaleOfMidwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of notes receivable received as non-cash proceeds in connection with the sale of two Midwater Floaters.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfNotesReceivableFromSaleOfMidwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Notes Receivable from Sale of Midwater Floaters</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfNotesReceivableFromSaleOfMidwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of notes receivable from sale of Midwater Floaters</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MidwaterFloatersSold" xlink:label="rig_MidwaterFloatersSold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MidwaterFloatersSold" xlink:to="rig_MidwaterFloatersSold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MidwaterFloatersSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of midwater floaters sold or disposed of in the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MidwaterFloatersSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Midwater Floaters Sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MidwaterFloatersSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Midwater Floaters sold (in drilling units)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_StatedInterestRateOnNotesReceivableReceivedFromSaleOfMidwaterFloaters" xlink:label="rig_StatedInterestRateOnNotesReceivableReceivedFromSaleOfMidwaterFloaters" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_StatedInterestRateOnNotesReceivableReceivedFromSaleOfMidwaterFloaters" xlink:to="rig_StatedInterestRateOnNotesReceivableReceivedFromSaleOfMidwaterFloaters_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_StatedInterestRateOnNotesReceivableReceivedFromSaleOfMidwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stated interest rate on notes receivable received from sale of Midwater Floaters.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_StatedInterestRateOnNotesReceivableReceivedFromSaleOfMidwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stated Interest Rate on Notes Receivable, Received from Sale of Midwater Floaters</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_StatedInterestRateOnNotesReceivableReceivedFromSaleOfMidwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stated interest rate on notes receivable received from sale of Midwater Floaters (as a percent)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NotesReceivableFromRigSale" xlink:label="rig_NotesReceivableFromRigSale" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NotesReceivableFromRigSale" xlink:to="rig_NotesReceivableFromRigSale_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NotesReceivableFromRigSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The aggregate carrying amount, net of imputed interest, of a note receivable.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NotesReceivableFromRigSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Receivable from Rig Sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NotesReceivableFromRigSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate carrying amounts of notes receivable in connection with sale of Midwater Floaters</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ProceedsFromCollectionOfLoansReceivable" xlink:to="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from Collection of Loans Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ProceedsFromCollectionOfLoansReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash proceeds from repayment of notes receivable</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NotesReceivableGainFromPrepayment" xlink:label="rig_NotesReceivableGainFromPrepayment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NotesReceivableGainFromPrepayment" xlink:to="rig_NotesReceivableGainFromPrepayment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NotesReceivableGainFromPrepayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the gain from prepayment of notes receivable by holder of the note.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NotesReceivableGainFromPrepayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Receivable Gain From Prepayment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NotesReceivableGainFromPrepayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain associated with the prepayment of notes receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis" xlink:label="us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis" xlink:to="us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongLivedAssetsHeldForSaleByAssetTypeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Lived Assets Held-for-sale by Asset Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongLivedAssetsHeldForSaleNameDomain" xlink:label="us-gaap_LongLivedAssetsHeldForSaleNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongLivedAssetsHeldForSaleNameDomain" xlink:to="us-gaap_LongLivedAssetsHeldForSaleNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongLivedAssetsHeldForSaleNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Lived Assets Held For Sale Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongLivedAssetsHeldForSaleNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Lived Assets Held-for-sale, Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsHeldForSaleMember" xlink:label="us-gaap_AssetsHeldForSaleMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleMember" xlink:to="us-gaap_AssetsHeldForSaleMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsHeldForSaleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held For Sale [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsHeldForSaleMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held-for-sale [Member]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GoodwillImpairedAbstract" xlink:label="us-gaap_GoodwillImpairedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairedAbstract" xlink:to="us-gaap_GoodwillImpairedAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillImpairedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill, Impaired [Abstract]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillImpairmentLossAttributableToControllingInterestAdjustmentToInitialEstimateAmount" xlink:label="rig_GoodwillImpairmentLossAttributableToControllingInterestAdjustmentToInitialEstimateAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillImpairmentLossAttributableToControllingInterestAdjustmentToInitialEstimateAmount" xlink:to="rig_GoodwillImpairmentLossAttributableToControllingInterestAdjustmentToInitialEstimateAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GoodwillImpairmentLossAttributableToControllingInterestAdjustmentToInitialEstimateAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of an adjustment to a previously reported goodwill impairment charge, which will be recognized in the subsequent reporting period, attributable to noncontrolling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillImpairmentLossAttributableToControllingInterestAdjustmentToInitialEstimateAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Impairment Loss Attributable to Controlling Interest, Adjustment To Initial Estimate Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillImpairmentLossAttributableToControllingInterestAdjustmentToInitialEstimateAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment to original estimate of goodwill attributable to controlling interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillImpairmentLossAttributableToNonControllingInterestAdjustmentToInitialEstimateAmount" xlink:label="rig_GoodwillImpairmentLossAttributableToNonControllingInterestAdjustmentToInitialEstimateAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillImpairmentLossAttributableToNonControllingInterestAdjustmentToInitialEstimateAmount" xlink:to="rig_GoodwillImpairmentLossAttributableToNonControllingInterestAdjustmentToInitialEstimateAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GoodwillImpairmentLossAttributableToNonControllingInterestAdjustmentToInitialEstimateAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of an adjustment to a previously reported goodwill impairment charge, attibutable to noncontrolling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillImpairmentLossAttributableToNonControllingInterestAdjustmentToInitialEstimateAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Impairment Loss Attributable To Non Controlling Interest, Adjustment To Initial Estimate Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillImpairmentLossAttributableToNonControllingInterestAdjustmentToInitialEstimateAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment to original estimate of goodwill attributable to noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse" xlink:to="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of Long-Lived Assets Held-for-use</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of certain corporate assets under construction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ImpairmentOfLongLivedAssetsHeldForUse_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of certain corporate assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsHeldForSaleLongLivedAbstract" xlink:label="us-gaap_AssetsHeldForSaleLongLivedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleLongLivedAbstract" xlink:to="us-gaap_AssetsHeldForSaleLongLivedAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsHeldForSaleLongLivedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held-for-sale, Long Lived [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsHeldForSaleLongLivedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets held for sale</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LongLivedAssetsHeldForSaleImpairmentChargeContinuingOperations" xlink:label="rig_LongLivedAssetsHeldForSaleImpairmentChargeContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LongLivedAssetsHeldForSaleImpairmentChargeContinuingOperations" xlink:to="rig_LongLivedAssetsHeldForSaleImpairmentChargeContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LongLivedAssetsHeldForSaleImpairmentChargeContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The loss recognized for any initial write-down from carrying value to fair value less cost to sell for an asset classified as held for sale in continuing operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LongLivedAssetsHeldForSaleImpairmentChargeContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Lived Assets Held For Sale Impairment Charge Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LongLivedAssetsHeldForSaleImpairmentChargeContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate loss on impairment of assets held for sale</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TotalLossOnImpairmentOfAssetPerDilutedShareContinuingOperations" xlink:label="rig_TotalLossOnImpairmentOfAssetPerDilutedShareContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TotalLossOnImpairmentOfAssetPerDilutedShareContinuingOperations" xlink:to="rig_TotalLossOnImpairmentOfAssetPerDilutedShareContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TotalLossOnImpairmentOfAssetPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This elements represents total loss on impairment of asset per diluted share continuing operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TotalLossOnImpairmentOfAssetPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Loss On Impairment Of Asset Per Diluted Share Continuing Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TotalLossOnImpairmentOfAssetPerDilutedShareContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate loss on per diluted share from continuing operations</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ImpairmentOfLongLivedAssetsToBeDisposedOfContinuingOperationsTaxEffect" xlink:label="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfContinuingOperationsTaxEffect" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfContinuingOperationsTaxEffect" xlink:to="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfContinuingOperationsTaxEffect_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfContinuingOperationsTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the tax effect of impairments recognized during the period for long-lived assets held in continuing operations for abandonment, exchange or sale.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfContinuingOperationsTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of Long Lived Assets to be Disposed of Continuing Operations, Tax Effect</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfContinuingOperationsTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate loss on impairment of assets held for sale, tax effect</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateContinuingOperations" xlink:to="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective Income Tax Rate Reconciliation, Percent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Annual effective tax rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:label="us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract" xlink:to="us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ComponentsOfIncomeTaxExpenseBenefitContinuingOperationsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Components of provision (benefit) for income taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CurrentIncomeTaxExpenseBenefit" xlink:to="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current Income Tax Expense (Benefit)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CurrentIncomeTaxExpenseBenefit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate" xlink:to="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Swiss holding company federal statutory rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xlink:label="us-gaap_IncomeTaxExpenseBenefitContinuingOperationsIncomeTaxReconciliationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeferredTaxAssetCharterLimitation" xlink:label="rig_DeferredTaxAssetCharterLimitation" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeferredTaxAssetCharterLimitation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount before allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences from charter limitaion.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeferredTaxAssetCharterLimitation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.K. charter limitation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxAssetsOther" xlink:label="us-gaap_DeferredTaxAssetsOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsOther" xlink:to="us-gaap_DeferredTaxAssetsOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Assets, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredTaxAssetsOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowance" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsValuationAllowance" xlink:to="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Assets, Valuation Allowance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation allowance</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxAssetsNet" xlink:label="us-gaap_DeferredTaxAssetsNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNet" xlink:to="us-gaap_DeferredTaxAssetsNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Assets, Net of Valuation Allowance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DeferredTaxAssetsNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred tax assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract" xlink:label="us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract" xlink:to="us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Components of Deferred Tax Liabilities [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ComponentsOfDeferredTaxLiabilitiesAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred tax liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:label="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment" xlink:to="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liabilities, Property, Plant and Equipment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredTaxLiabilitiesPropertyPlantAndEquipment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation and amortization</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxLiabilitiesOther" xlink:label="us-gaap_DeferredTaxLiabilitiesOther" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilitiesOther" xlink:to="us-gaap_DeferredTaxLiabilitiesOther_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liabilities, Other</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DeferredTaxLiabilitiesOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxLiabilities" xlink:label="us-gaap_DeferredTaxLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxLiabilities" xlink:to="us-gaap_DeferredTaxLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liabilities, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedTotalLabel" xlink:label="us-gaap_DeferredTaxLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total deferred tax liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:label="us-gaap_DeferredTaxAssetsLiabilitiesNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsLiabilitiesNet" xlink:to="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Assets, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DeferredTaxAssetsLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net deferred tax liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign" xlink:label="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign" xlink:to="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Assets, Tax Credit Carryforwards, Foreign</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredTaxAssetsTaxCreditCarryforwardsForeign_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.S. foreign tax credit carryforwards</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract" xlink:to="us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Assets, Net of Valuation Allowance, Noncurrent Classification [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredTaxAssetsNetNoncurrentClassificationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent" xlink:to="us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Assets, Valuation Allowance, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredTaxAssetsValuationAllowanceNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation allowance for non-current deferred tax assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeferredTaxLiabilityNotRecognizedCumulativeAmountOfTemporaryDifferences" xlink:label="rig_DeferredTaxLiabilityNotRecognizedCumulativeAmountOfTemporaryDifferences" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeferredTaxLiabilityNotRecognizedCumulativeAmountOfTemporaryDifferences" xlink:to="rig_DeferredTaxLiabilityNotRecognizedCumulativeAmountOfTemporaryDifferences_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeferredTaxLiabilityNotRecognizedCumulativeAmountOfTemporaryDifferences_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cumulative amount of the temporary differences for which a deferred tax liability has not been provided because of the exceptions to comprehensive recognition of deferred taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeferredTaxLiabilityNotRecognizedCumulativeAmountOfTemporaryDifferences_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liability Not Recognized Cumulative Amount of Temporary Differences</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeferredTaxLiabilityNotRecognizedCumulativeAmountOfTemporaryDifferences_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Indefinitely reinvested earnings of subsidiaries</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeferredTaxLiabilityNotRecognizedMinimumAmountOfUnrecognizedDeferredTaxLiability" xlink:label="rig_DeferredTaxLiabilityNotRecognizedMinimumAmountOfUnrecognizedDeferredTaxLiability" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeferredTaxLiabilityNotRecognizedMinimumAmountOfUnrecognizedDeferredTaxLiability" xlink:to="rig_DeferredTaxLiabilityNotRecognizedMinimumAmountOfUnrecognizedDeferredTaxLiability_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeferredTaxLiabilityNotRecognizedMinimumAmountOfUnrecognizedDeferredTaxLiability_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The lower range limit of the deferred tax liability that would be payable upon distribution of all previously unremitted earnings of certain subsidiaries which was not recognized because of the exceptions to comprehensive recognition of deferred taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeferredTaxLiabilityNotRecognizedMinimumAmountOfUnrecognizedDeferredTaxLiability_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liability Not Recognized Minimum Amount of Unrecognized Deferred Tax Liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeferredTaxLiabilityNotRecognizedMinimumAmountOfUnrecognizedDeferredTaxLiability_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated taxes on unremitted earnings of subsidiaries, low end of range</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeferredTaxLiabilityNotRecognizedMaximumAmountOfUnrecognizedDeferredTaxLiability" xlink:label="rig_DeferredTaxLiabilityNotRecognizedMaximumAmountOfUnrecognizedDeferredTaxLiability" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeferredTaxLiabilityNotRecognizedMaximumAmountOfUnrecognizedDeferredTaxLiability" xlink:to="rig_DeferredTaxLiabilityNotRecognizedMaximumAmountOfUnrecognizedDeferredTaxLiability_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeferredTaxLiabilityNotRecognizedMaximumAmountOfUnrecognizedDeferredTaxLiability_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The upper range limit of the deferred tax liability that would be payable upon distribution of all previously unremitted earnings of certain subsidiaries which was not recognized because of the exceptions to comprehensive recognition of deferred taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeferredTaxLiabilityNotRecognizedMaximumAmountOfUnrecognizedDeferredTaxLiability_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Tax Liability Not Recognized Maximum Amount of Unrecognized Deferred Tax Liability</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeferredTaxLiabilityNotRecognizedMaximumAmountOfUnrecognizedDeferredTaxLiability_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated taxes on unremitted earnings of subsidiaries, high end of range</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xlink:label="us-gaap_ReconciliationOfUnrecognizedTaxBenefitsExcludingAmountsPertainingToExaminedTaxReturnsRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefits" xlink:label="us-gaap_UnrecognizedTaxBenefits" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecognizedTaxBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecognized Tax Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_UnrecognizedTaxBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance, end of period</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xlink:label="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecognizedTaxBenefitsIncreasesResultingFromCurrentPeriodTaxPositions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additions for current year tax positions</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NorwayTaxAssessments2012Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Norway Tax Assessments2012 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NorwayTaxAssessments2012Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Norway Tax Assessments 2012</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_USFederalIncomeTaxAssessment2010And2011Member" xlink:label="rig_USFederalIncomeTaxAssessment2010And2011Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_USFederalIncomeTaxAssessment2010And2011Member" xlink:to="rig_USFederalIncomeTaxAssessment2010And2011Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_USFederalIncomeTaxAssessment2010And2011Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the US tax assessments for years 2010 and 2011.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_USFederalIncomeTaxAssessment2010And2011Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U S Federal Income Tax Assessment2010 And2011 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_USFederalIncomeTaxAssessment2010And2011Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2010 and 2011 federal income tax returns</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_BrazilTaxExaminationAssessmentsPeriod2009And2010Member" xlink:label="rig_BrazilTaxExaminationAssessmentsPeriod2009And2010Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_BrazilTaxExaminationAssessmentsPeriod2009And2010Member" xlink:to="rig_BrazilTaxExaminationAssessmentsPeriod2009And2010Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_BrazilTaxExaminationAssessmentsPeriod2009And2010Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the Brazil tax assessments for years 2009 and 2010.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_BrazilTaxExaminationAssessmentsPeriod2009And2010Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brazil Tax Examination Assessments Period2009 And2010 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_BrazilTaxExaminationAssessmentsPeriod2009And2010Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brazil Tax Assessments 2009 And 2010</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxExaminationLineItems" xlink:label="us-gaap_IncomeTaxExaminationLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExaminationLineItems" xlink:to="us-gaap_IncomeTaxExaminationLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExaminationLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Examination [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxExaminationLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Examination</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TaxReturnsAbstract" xlink:label="rig_TaxReturnsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TaxReturnsAbstract" xlink:to="rig_TaxReturnsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TaxReturnsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Returns [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TaxReturnsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Examination</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_RangeOfTaxReturnsSubjectToExamination" xlink:label="rig_RangeOfTaxReturnsSubjectToExamination" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_RangeOfTaxReturnsSubjectToExamination" xlink:to="rig_RangeOfTaxReturnsSubjectToExamination_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_RangeOfTaxReturnsSubjectToExamination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range of period that the tax returns in the major jurisdictions in which the enterprise operates are generally subject to examination.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_RangeOfTaxReturnsSubjectToExamination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range of Tax Returns Subject to Examination</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_RangeOfTaxReturnsSubjectToExamination_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Range of tax returns are subject to examination</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfMajorJurisdictionsWithExtensionsBeyondStatuteOfLimitations" xlink:label="rig_NumberOfMajorJurisdictionsWithExtensionsBeyondStatuteOfLimitations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfMajorJurisdictionsWithExtensionsBeyondStatuteOfLimitations" xlink:to="rig_NumberOfMajorJurisdictionsWithExtensionsBeyondStatuteOfLimitations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfMajorJurisdictionsWithExtensionsBeyondStatuteOfLimitations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of jurisdictions with extensions beyond the statute of limitations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfMajorJurisdictionsWithExtensionsBeyondStatuteOfLimitations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Major Jurisdictions with Extensions Beyond Statute of Limitations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfMajorJurisdictionsWithExtensionsBeyondStatuteOfLimitations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of jurisdictions with extensions beyond statute of limitations</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MaximumNumberYearsAgreedToExtensionsBeyondStatuteOfLimitations" xlink:label="rig_MaximumNumberYearsAgreedToExtensionsBeyondStatuteOfLimitations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MaximumNumberYearsAgreedToExtensionsBeyondStatuteOfLimitations" xlink:to="rig_MaximumNumberYearsAgreedToExtensionsBeyondStatuteOfLimitations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MaximumNumberYearsAgreedToExtensionsBeyondStatuteOfLimitations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum number of years the enterprise has agreed to extensions beyond the statute of limitations in four major jurisdictions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MaximumNumberYearsAgreedToExtensionsBeyondStatuteOfLimitations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum Number Years Agreed to Extensions Beyond Statute of Limitations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MaximumNumberYearsAgreedToExtensionsBeyondStatuteOfLimitations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum number of years agreed to extensions beyond the statute of limitations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss" xlink:label="us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss" xlink:to="us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Examination, Estimate of Possible Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxExaminationEstimateOfPossibleLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net adjustments of additional taxes, excluding interest and penalties, related to assessments on 2010 and 2011 U.S. federal income tax returns</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TaxAssessmentOnMigrationOfSubsidiaryNorway" xlink:label="rig_TaxAssessmentOnMigrationOfSubsidiaryNorway" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TaxAssessmentOnMigrationOfSubsidiaryNorway" xlink:to="rig_TaxAssessmentOnMigrationOfSubsidiaryNorway_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TaxAssessmentOnMigrationOfSubsidiaryNorway_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax assessments by Norway on entity's actions involving the migration of a subsidiary that was previously subject to tax in Norway.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TaxAssessmentOnMigrationOfSubsidiaryNorway_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Assessment on Migration of Subsidiary Norway</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TaxAssessmentOnMigrationOfSubsidiaryNorway_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Norway tax assessment due to migration of subsidiary, including interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TaxAssessmentDueTo2001DividendNorway" xlink:label="rig_TaxAssessmentDueTo2001DividendNorway" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TaxAssessmentDueTo2001DividendNorway" xlink:to="rig_TaxAssessmentDueTo2001DividendNorway_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TaxAssessmentDueTo2001DividendNorway_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax assessments by Norway on entity's actions involving dividend payment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TaxAssessmentDueTo2001DividendNorway_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Assessment Due to 2001 Dividend Norway</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TaxAssessmentDueTo2001DividendNorway_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Norway tax assessment due to 2001 dividend payment, including interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TaxAssessmentDueToForeignExchangeNorway" xlink:label="rig_TaxAssessmentDueToForeignExchangeNorway" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TaxAssessmentDueToForeignExchangeNorway" xlink:to="rig_TaxAssessmentDueToForeignExchangeNorway_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TaxAssessmentDueToForeignExchangeNorway_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax assessments by Norway on entity's actions involving certain foreign exchange deductions and dividend withholding taxes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TaxAssessmentDueToForeignExchangeNorway_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Assessment Due to Foreign Exchange Norway</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TaxAssessmentDueToForeignExchangeNorway_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Norway tax assessment due to foreign exchange deductions and dividend withholding taxes, including interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_IncomeTaxExaminationLiabilityOwedBySubsidiaryFromCourtRuling" xlink:label="rig_IncomeTaxExaminationLiabilityOwedBySubsidiaryFromCourtRuling" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_IncomeTaxExaminationLiabilityOwedBySubsidiaryFromCourtRuling" xlink:to="rig_IncomeTaxExaminationLiabilityOwedBySubsidiaryFromCourtRuling_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_IncomeTaxExaminationLiabilityOwedBySubsidiaryFromCourtRuling_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of liability owed by subsidiary from court ruling.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_IncomeTaxExaminationLiabilityOwedBySubsidiaryFromCourtRuling_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Examination Liability Owed by Subsidiary from Court Ruling</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_IncomeTaxExaminationLiabilityOwedBySubsidiaryFromCourtRuling_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Court ruling on tax assessment amount owed by affiliate</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GuaranteeAmountForTaxAssessmentRelatedToTheMigrationOfSubsidiary" xlink:label="rig_GuaranteeAmountForTaxAssessmentRelatedToTheMigrationOfSubsidiary" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GuaranteeAmountForTaxAssessmentRelatedToTheMigrationOfSubsidiary" xlink:to="rig_GuaranteeAmountForTaxAssessmentRelatedToTheMigrationOfSubsidiary_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GuaranteeAmountForTaxAssessmentRelatedToTheMigrationOfSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of guarantee provided by the entity with respect to the tax assessment related to the migration of a subsidiary.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GuaranteeAmountForTaxAssessmentRelatedToTheMigrationOfSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantee Amount for Tax Assessment Related to the Migration of Subsidiary</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GuaranteeAmountForTaxAssessmentRelatedToTheMigrationOfSubsidiary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantee amount for tax assessment related to the migration of subsidiary</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenFiled" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenFiled" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenFiled" xlink:to="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenFiled_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenFiled_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of subsidiaries of the entity against which criminal indictments charges are filed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenFiled_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Against which Criminal Indictments have been Filed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenFiled_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries against which notification of criminal charges are issued</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenExtended" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenExtended" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenExtended" xlink:to="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenExtended_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenExtended_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of subsidiaries of the entity against which additional criminal indictments have been extended.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenExtended_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries, Against which Criminal Indictments have been Extended</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenExtended_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries against which notification of criminal charges are extending</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfFormerExternalTaxAdvisorsIssuedIndictmentsAgainstEntity" xlink:label="rig_NumberOfFormerExternalTaxAdvisorsIssuedIndictmentsAgainstEntity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfFormerExternalTaxAdvisorsIssuedIndictmentsAgainstEntity" xlink:to="rig_NumberOfFormerExternalTaxAdvisorsIssuedIndictmentsAgainstEntity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfFormerExternalTaxAdvisorsIssuedIndictmentsAgainstEntity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of former external tax advisors, who issued indictments against the entity with respect to disclosures in the tax returns.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfFormerExternalTaxAdvisorsIssuedIndictmentsAgainstEntity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Former External Tax Advisors Issued Indictments, Against Entity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfFormerExternalTaxAdvisorsIssuedIndictmentsAgainstEntity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of employees of former external advisors indicted</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_IncomeTaxInvestigationFinancialClaimIssuedUnderCriminalIndictment" xlink:label="rig_IncomeTaxInvestigationFinancialClaimIssuedUnderCriminalIndictment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_IncomeTaxInvestigationFinancialClaimIssuedUnderCriminalIndictment" xlink:to="rig_IncomeTaxInvestigationFinancialClaimIssuedUnderCriminalIndictment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_IncomeTaxInvestigationFinancialClaimIssuedUnderCriminalIndictment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the financial claim issued by the Norwegian authorities supplementing the criminal indictments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_IncomeTaxInvestigationFinancialClaimIssuedUnderCriminalIndictment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Investigation Financial Claim Issued under Criminal Indictment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_IncomeTaxInvestigationFinancialClaimIssuedUnderCriminalIndictment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial claim issued by the Norwegian authorities supplementing the criminal indictments</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_IncomeTaxInvestigationFinancialClaimDropped" xlink:label="rig_IncomeTaxInvestigationFinancialClaimDropped" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_IncomeTaxInvestigationFinancialClaimDropped" xlink:to="rig_IncomeTaxInvestigationFinancialClaimDropped_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_IncomeTaxInvestigationFinancialClaimDropped_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the financial claim dropped by the tax authorities against one of the entity's subsidiaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_IncomeTaxInvestigationFinancialClaimDropped_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Investigation Financial Claim Dropped</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_IncomeTaxInvestigationFinancialClaimDropped_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial claim dropped by the Norwegian authorities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenDropped" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenDropped" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenDropped" xlink:to="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenDropped_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenDropped_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of subsidiaries of the entity against which criminal indictments charges are dropped.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenDropped_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Against which Criminal Indictments have been Dropped</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalIndictmentsHaveBeenDropped_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries against which notification of criminal charges are dropped</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_IncomeTaxExaminationAmountOfCriminalPenaltiesToBeAssessedByCourtInAdditionToCivilTaxPenalties" xlink:label="rig_IncomeTaxExaminationAmountOfCriminalPenaltiesToBeAssessedByCourtInAdditionToCivilTaxPenalties" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_IncomeTaxExaminationAmountOfCriminalPenaltiesToBeAssessedByCourtInAdditionToCivilTaxPenalties" xlink:to="rig_IncomeTaxExaminationAmountOfCriminalPenaltiesToBeAssessedByCourtInAdditionToCivilTaxPenalties_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_IncomeTaxExaminationAmountOfCriminalPenaltiesToBeAssessedByCourtInAdditionToCivilTaxPenalties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of criminal penalties to be assessed by the court in addition to civil tax penalties.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_IncomeTaxExaminationAmountOfCriminalPenaltiesToBeAssessedByCourtInAdditionToCivilTaxPenalties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Examination Amount of Criminal Penalties to be Assessed by Court in Addition to Civil Tax Penalties</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_IncomeTaxExaminationAmountOfCriminalPenaltiesToBeAssessedByCourtInAdditionToCivilTaxPenalties_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Criminal penalties to be assessed by court in addition to civil tax penalties</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesAgainstWhichCriminalPenaltiesInAdditionToCivilTaxPenaltiesAreToBeAssessed" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalPenaltiesInAdditionToCivilTaxPenaltiesAreToBeAssessed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesAgainstWhichCriminalPenaltiesInAdditionToCivilTaxPenaltiesAreToBeAssessed" xlink:to="rig_NumberOfSubsidiariesAgainstWhichCriminalPenaltiesInAdditionToCivilTaxPenaltiesAreToBeAssessed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalPenaltiesInAdditionToCivilTaxPenaltiesAreToBeAssessed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of subsidiaries against which criminal penalties in addition to civil tax penalties will be assessed by the court.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalPenaltiesInAdditionToCivilTaxPenaltiesAreToBeAssessed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Against which Criminal Penalties in Addition to Civil Tax Penalties are to be Assessed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesAgainstWhichCriminalPenaltiesInAdditionToCivilTaxPenaltiesAreToBeAssessed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries against which criminal penalties in addition to civil tax penalties will be assessed</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesAcquittedFromCriminalCharges" xlink:label="rig_NumberOfSubsidiariesAcquittedFromCriminalCharges" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesAcquittedFromCriminalCharges" xlink:to="rig_NumberOfSubsidiariesAcquittedFromCriminalCharges_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesAcquittedFromCriminalCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of external tax authorities acquitted from criminal charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesAcquittedFromCriminalCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Acquitted from Criminal Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesAcquittedFromCriminalCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries acquitted from all criminal charges related to the disclosures in Norwegian tax returns</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfExternalTaxAttorneysAcquittedFromCriminalCharges" xlink:label="rig_NumberOfExternalTaxAttorneysAcquittedFromCriminalCharges" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfExternalTaxAttorneysAcquittedFromCriminalCharges" xlink:to="rig_NumberOfExternalTaxAttorneysAcquittedFromCriminalCharges_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfExternalTaxAttorneysAcquittedFromCriminalCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of external tax authorities acquitted from criminal charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfExternalTaxAttorneysAcquittedFromCriminalCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of External Tax Attorneys Acquitted from Criminal Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfExternalTaxAttorneysAcquittedFromCriminalCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of external tax authorities acquitted from all criminal charges related to the disclosures in Norwegian tax returns</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_IncomeTaxExaminationLiabilityExcludingInterestAndPenaltiesRecordedBrazil" xlink:label="rig_IncomeTaxExaminationLiabilityExcludingInterestAndPenaltiesRecordedBrazil" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_IncomeTaxExaminationLiabilityExcludingInterestAndPenaltiesRecordedBrazil" xlink:to="rig_IncomeTaxExaminationLiabilityExcludingInterestAndPenaltiesRecordedBrazil_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_IncomeTaxExaminationLiabilityExcludingInterestAndPenaltiesRecordedBrazil_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The estimated loss resulting from the income tax examination that has been accrued net of any adjustments as of the balance sheet date, excluding interest and penalties by the Brazilian taxing authorities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_IncomeTaxExaminationLiabilityExcludingInterestAndPenaltiesRecordedBrazil_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Examination, Liability Excluding Interest and Penalties Recorded Brazil</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_IncomeTaxExaminationLiabilityExcludingInterestAndPenaltiesRecordedBrazil_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brazil tax assessment for income tax returns</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_IncomeTaxExaminationPercentagePenaltiesAssessedBeforeExaminationBrazil" xlink:label="rig_IncomeTaxExaminationPercentagePenaltiesAssessedBeforeExaminationBrazil" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_IncomeTaxExaminationPercentagePenaltiesAssessedBeforeExaminationBrazil" xlink:to="rig_IncomeTaxExaminationPercentagePenaltiesAssessedBeforeExaminationBrazil_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_IncomeTaxExaminationPercentagePenaltiesAssessedBeforeExaminationBrazil_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The rate of penalty to be assessed by Brazilian tax authorities if entity's efforts to overturn tax assessment are unsuccessful.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_IncomeTaxExaminationPercentagePenaltiesAssessedBeforeExaminationBrazil_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Tax Examination, Percentage, Penalties Assessed before Examination Brazil</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_IncomeTaxExaminationPercentagePenaltiesAssessedBeforeExaminationBrazil_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of penalty and interest to be assessed by Brazil tax authorities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable" xlink:to="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementGeographicalAxis" xlink:label="us-gaap_StatementGeographicalAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementGeographicalAxis" xlink:to="us-gaap_StatementGeographicalAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementGeographicalAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SegmentGeographicalDomain" xlink:label="us-gaap_SegmentGeographicalDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentGeographicalDomain" xlink:to="us-gaap_SegmentGeographicalDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentGeographicalDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment Geographical [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentGeographicalDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Geographical [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_GB" xlink:label="country_GB" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_GB" xlink:to="country_GB_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_GB_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">G [B]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_GB_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.K.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis" xlink:to="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Name [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain" xlink:to="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Groups Including Discontinued Operations Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisposalGroupsIncludingDiscontinuedOperationsNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Groups, Including Discontinued Operations, Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SaleOfStandardJackupAndSwampBargeMarketSectorsMember" xlink:label="rig_SaleOfStandardJackupAndSwampBargeMarketSectorsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SaleOfStandardJackupAndSwampBargeMarketSectorsMember" xlink:to="rig_SaleOfStandardJackupAndSwampBargeMarketSectorsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SaleOfStandardJackupAndSwampBargeMarketSectorsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents dispose of non-strategic assets with strategy to increase focus on High Specification Floaters and High Specification Jackups, committed to a plan to sell Standard Jackups and swamp barge, components of our contract drilling services segment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SaleOfStandardJackupAndSwampBargeMarketSectorsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale Of Standard Jackup And Swamp Barge Market Sectors [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SaleOfStandardJackupAndSwampBargeMarketSectorsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sell of Standard Jackup and swamp barge market sectors</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GSFAdriaticIIGSFRIG136Member" xlink:label="rig_GSFAdriaticIIGSFRIG136Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GSFAdriaticIIGSFRIG136Member" xlink:to="rig_GSFAdriaticIIGSFRIG136Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GSFAdriaticIIGSFRIG136Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents GSF Adriatic II and GSF Rig 136 drilling units classified as assets held for sale at the time of impairment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GSFAdriaticIIGSFRIG136Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">G S F Adriatic I I G S F R I G136 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GSFAdriaticIIGSFRIG136Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">GSF Adriatic II and GSF Rig 136</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShelfDrillingHoldingsLtdMember" xlink:label="rig_ShelfDrillingHoldingsLtdMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShelfDrillingHoldingsLtdMember" xlink:to="rig_ShelfDrillingHoldingsLtdMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShelfDrillingHoldingsLtdMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to Shelf Drilling Holdings Ltd.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShelfDrillingHoldingsLtdMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shelf Drilling Holdings Ltd [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShelfDrillingHoldingsLtdMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shelf Drilling Holdings, Ltd</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShelfDrillingHoldingsLtdAndAffiliatesMember" xlink:label="rig_ShelfDrillingHoldingsLtdAndAffiliatesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShelfDrillingHoldingsLtdAndAffiliatesMember" xlink:to="rig_ShelfDrillingHoldingsLtdAndAffiliatesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShelfDrillingHoldingsLtdAndAffiliatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents definitive agreements with Shelf Drilling Ltd. (Shelf Drilling) and certain of its affiliates to sell standard jackups and swamp barge.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShelfDrillingHoldingsLtdAndAffiliatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shelf Drilling Holdings Ltd And Affiliates [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShelfDrillingHoldingsLtdAndAffiliatesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shelf Drilling Holdings, Ltd</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SaleOfStandardJackupsGSFRig134GSFRig127DRStewartGSFAdriaticVIIIInteroceanIIITridentIVATridentVIAndRelatedEquipmentMember" xlink:label="rig_SaleOfStandardJackupsGSFRig134GSFRig127DRStewartGSFAdriaticVIIIInteroceanIIITridentIVATridentVIAndRelatedEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SaleOfStandardJackupsGSFRig134GSFRig127DRStewartGSFAdriaticVIIIInteroceanIIITridentIVATridentVIAndRelatedEquipmentMember" xlink:to="rig_SaleOfStandardJackupsGSFRig134GSFRig127DRStewartGSFAdriaticVIIIInteroceanIIITridentIVATridentVIAndRelatedEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SaleOfStandardJackupsGSFRig134GSFRig127DRStewartGSFAdriaticVIIIInteroceanIIITridentIVATridentVIAndRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the sale of Standard Jackups GSFRig134, GSFRig127, D.R.Stewart, GSFAdriaticVIII, InteroceanIII, TridentIVA and TridentVI and related equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SaleOfStandardJackupsGSFRig134GSFRig127DRStewartGSFAdriaticVIIIInteroceanIIITridentIVATridentVIAndRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale Of Standard Jackups G S F Rig134 G S F Rig127 D R Stewart G S F Adriatic V I I I Interocean I I I Trident I V A Trident V I And Related Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SaleOfStandardJackupsGSFRig134GSFRig127DRStewartGSFAdriaticVIIIInteroceanIIITridentIVATridentVIAndRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Standard jackups GSF Rig 134, GSF Rig 127, D.R. Stewart, GSF Adriatic VIII, Interocean III, Trident IV A and Trident VI and related equipment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_StandardJackupsGSFAdriaticIIGSFRig103GSFRig136RogerWMowellTransoceanNordicTransoceanShelfExplorerTrident17AndRelatedEquipmentMember" xlink:label="rig_StandardJackupsGSFAdriaticIIGSFRig103GSFRig136RogerWMowellTransoceanNordicTransoceanShelfExplorerTrident17AndRelatedEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_StandardJackupsGSFAdriaticIIGSFRig103GSFRig136RogerWMowellTransoceanNordicTransoceanShelfExplorerTrident17AndRelatedEquipmentMember" xlink:to="rig_StandardJackupsGSFAdriaticIIGSFRig103GSFRig136RogerWMowellTransoceanNordicTransoceanShelfExplorerTrident17AndRelatedEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_StandardJackupsGSFAdriaticIIGSFRig103GSFRig136RogerWMowellTransoceanNordicTransoceanShelfExplorerTrident17AndRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the sale of Standard jackups GSF Adriatic II, GSF Rig 103, GSF Rig 136, Roger W. Mowell, Transocean Nordic, Transocean Shelf Explorer and Trident 17 and related equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_StandardJackupsGSFAdriaticIIGSFRig103GSFRig136RogerWMowellTransoceanNordicTransoceanShelfExplorerTrident17AndRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Standard Jackups G S F Adriatic I I G S F Rig103 G S F Rig136 Roger W Mowell Transocean Nordic Transocean Shelf Explorer Trident17 And Related Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_StandardJackupsGSFAdriaticIIGSFRig103GSFRig136RogerWMowellTransoceanNordicTransoceanShelfExplorerTrident17AndRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Standard jackups GSF Adriatic II, GSF Rig 103, GSF Rig 136, Roger W. Mowell, Transocean Nordic, Transocean Shelf Explorer and Trident 17 and related equipment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ChallengerMineralsMember" xlink:label="rig_ChallengerMineralsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ChallengerMineralsMember" xlink:to="rig_ChallengerMineralsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ChallengerMineralsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The assets of Company's oil and gas properties reporting unit, which comprises the exploration, development and production activities performed by Challenger Minerals Inc. and Challenger Minerals (North Sea) Limited, wholly owned oil and gas subsidiaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ChallengerMineralsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Challenger Minerals [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ChallengerMineralsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Challenger Minerals</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ChallengerMineralsNorthSeaMember" xlink:label="rig_ChallengerMineralsNorthSeaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ChallengerMineralsNorthSeaMember" xlink:to="rig_ChallengerMineralsNorthSeaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ChallengerMineralsNorthSeaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The assets of Company's oil and gas properties reporting unit, which comprises the exploration, development and production activities performed by Challenger Minerals (North Sea) Limited, wholly owned oil and gas subsidiary.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ChallengerMineralsNorthSeaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Challenger Minerals North Sea [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ChallengerMineralsNorthSeaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Challenger Minerals (North Sea)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ChallengerMineralsIncAndChallengerMineralsGhanaLimitedMember" xlink:label="rig_ChallengerMineralsIncAndChallengerMineralsGhanaLimitedMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ChallengerMineralsIncAndChallengerMineralsGhanaLimitedMember" xlink:to="rig_ChallengerMineralsIncAndChallengerMineralsGhanaLimitedMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ChallengerMineralsIncAndChallengerMineralsGhanaLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The assets of Company's oil and gas properties reporting unit, which comprises the exploration, development and production activities performed by Challenger Minerals Inc. and Challenger Minerals (Ghana) Limited, wholly owned oil and gas subsidiaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ChallengerMineralsIncAndChallengerMineralsGhanaLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Challenger Minerals Inc And Challenger Minerals Ghana Limited [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ChallengerMineralsIncAndChallengerMineralsGhanaLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Challenger Minerals Inc. and Challenger Minerals (Ghana) Limited</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AppliedDrillingTechnologyInternationalLimitedMember" xlink:label="rig_AppliedDrillingTechnologyInternationalLimitedMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AppliedDrillingTechnologyInternationalLimitedMember" xlink:to="rig_AppliedDrillingTechnologyInternationalLimitedMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AppliedDrillingTechnologyInternationalLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the information pertaining to Applied Drilling Technology International Limited (ADTI).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AppliedDrillingTechnologyInternationalLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Applied Drilling Technology International Limited [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AppliedDrillingTechnologyInternationalLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ADTI</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis" xlink:to="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Indefinite-lived Intangible Assets [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain" xlink:to="us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Indefinite Lived Intangible Assets Major Class Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IndefiniteLivedIntangibleAssetsMajorClassNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Indefinite-lived Intangible Assets, Major Class Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_TradeNamesMember" xlink:label="us-gaap_TradeNamesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_TradeNamesMember" xlink:to="us-gaap_TradeNamesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_TradeNamesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Trade Names [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_TradeNamesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ADTI trade name</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems" xlink:to="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discontinued Operations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quarterly results</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationClassifiedBalanceSheetDisclosuresAbstract" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationClassifiedBalanceSheetDisclosuresAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationClassifiedBalanceSheetDisclosuresAbstract" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationClassifiedBalanceSheetDisclosuresAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationClassifiedBalanceSheetDisclosuresAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group, Including Discontinued Operation, Classified Balance Sheet Disclosures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationClassifiedBalanceSheetDisclosuresAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets and liabilities of discontinued operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract" xlink:to="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets of Disposal Group, Including Discontinued Operation [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationMaterialsAndSuppliesHeldForSale" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationMaterialsAndSuppliesHeldForSale" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DisposalGroupIncludingDiscontinuedOperationMaterialsAndSuppliesHeldForSale" xlink:to="rig_DisposalGroupIncludingDiscontinuedOperationMaterialsAndSuppliesHeldForSale_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationMaterialsAndSuppliesHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">For the disposal group, including a component of the entity (discontinued operation), carrying value (net of allowance for obsolescence and any write-downs) of materials and supplies that is held for sale apart from normal operations and anticipated to be sold in less than one year.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationMaterialsAndSuppliesHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Materials and Supplies Held for Sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationMaterialsAndSuppliesHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Materials and supplies, net</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherAssetsIncludedInAssetsHeldForSale" xlink:label="rig_OtherAssetsIncludedInAssetsHeldForSale" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherAssetsIncludedInAssetsHeldForSale" xlink:to="rig_OtherAssetsIncludedInAssetsHeldForSale_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherAssetsIncludedInAssetsHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other assets included in assets held for sale.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherAssetsIncludedInAssetsHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Assets, Included in Assets Held For Sale</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherAssetsIncludedInAssetsHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other related assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AssetsOfDisposalGroupIncludedInAssetsHeldForSale" xlink:label="rig_AssetsOfDisposalGroupIncludedInAssetsHeldForSale" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AssetsOfDisposalGroupIncludedInAssetsHeldForSale" xlink:to="rig_AssetsOfDisposalGroupIncludedInAssetsHeldForSale_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AssetsOfDisposalGroupIncludedInAssetsHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The aggregate value for the disposal group, including a component of the entity (discontinued operations), carrying value (net of accumulated depreciation and any write-downs) of property, plant and equipment and other current assets that are held for sale apart from normal operations and anticipated to be sold in less than one year.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="rig_AssetsOfDisposalGroupIncludedInAssetsHeldForSale_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets held for sale</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationDeferredRevenueCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group, Including Discontinued Operation, Deferred Revenue, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationDeferredRevenueCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenue</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group, Including Discontinued Operation, Other Current Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOtherCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosuresAbstract" xlink:label="us-gaap_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosuresAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosuresAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summarized results of discontinued operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue" xlink:to="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationRevenue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group, Including Discontinued Operation, Operating Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationOperatingExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating and maintenance expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DisposalGroupIncludingDiscontinuedOperationDepreciationAndAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation and amortization expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodBeforeIncomeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss from discontinued operations before income tax expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod" xlink:label="us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DiscontinuedOperationTaxEffectOfIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income tax expense</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosureAbstract" xlink:label="rig_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosureAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupNotDiscontinuedOperationIncomeStatementDisclosureAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summarized results of Discontinued Operations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets of Disposal Group, Including Discontinued Operation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsOfDisposalGroupIncludingDiscontinuedOperation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate carrying amounts of assets associated with disposal group</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossPerDilutedShare" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossPerDilutedShare" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Impairment Loss Per Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment loss per diluted share from discontinued operations, net of tax</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GainLossOnSaleOfAssetsPerDilutedShare" xlink:label="rig_GainLossOnSaleOfAssetsPerDilutedShare" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GainLossOnSaleOfAssetsPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate loss on sale of assets per diluted share (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossForCertainShipyardProjectsAndOther" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossForCertainShipyardProjectsAndOther" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossForCertainShipyardProjectsAndOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of impairment loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period for certain shipyard projects and other obligations required pursuant to the sale agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossForCertainShipyardProjectsAndOther_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Impairment Loss for Certain Shipyard Projects and other</label>
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    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationLegalAndFinancialAdvisoryCosts" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationLegalAndFinancialAdvisoryCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationLegalAndFinancialAdvisoryCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Legal and Financial Advisory Costs</label>
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    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssets" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of long-lived assets impairment loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Impairment Loss Long Lived Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long live assets impairment loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of assets of discontinued operations</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssetsPerDilutedShare" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssetsPerDilutedShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssetsPerDilutedShare" xlink:to="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssetsPerDilutedShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssetsPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of long-lived impairment loss attributable to the disposal group, including a component of the entity (discontinued operation), per each share of common stock and dilutive common stock equivalents outstanding during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssetsPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Impairment Loss Long Lived Assets Per Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationImpairmentLossLongLivedAssetsPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long live assets impairment loss per diluted share from discontinued operations, net of tax</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupIncludingDiscontinuedOperationPostemploymentBenefits" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationPostemploymentBenefits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DisposalGroupIncludingDiscontinuedOperationPostemploymentBenefits" xlink:to="rig_DisposalGroupIncludingDiscontinuedOperationPostemploymentBenefits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationPostemploymentBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of impairment loss attributable to the disposal group, including a component of the entity (discontinued operation), during the reporting period related to employees and contract labor for which employment was or will be terminated as a direct result of the sale transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationPostemploymentBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Group Including Discontinued Operation Postemployment Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupIncludingDiscontinuedOperationPostemploymentBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment costs relating to postemployment benefits</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfDrillingUnitsSold" xlink:label="rig_NumberOfDrillingUnitsSold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfDrillingUnitsSold" xlink:to="rig_NumberOfDrillingUnitsSold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfDrillingUnitsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of drilling units sold.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfDrillingUnitsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Drilling Units Sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfDrillingUnitsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Drilling Units Sold</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1" xlink:label="us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1" xlink:to="us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncash or Part Noncash Divestiture, Amount of Consideration Received</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceived1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-cash proceeds from sale of assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceivedEstimatedFairValue" xlink:label="rig_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceivedEstimatedFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceivedEstimatedFairValue" xlink:to="rig_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceivedEstimatedFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceivedEstimatedFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated fair value of amount of noncash consideration received for selling an asset or business through a noncash (or part noncash) transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceivedEstimatedFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncash or Part Noncash Divestiture Amount of Consideration Received Estimated Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceivedEstimatedFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proceeds from disposal of discontinued operations non-cash estimated fair value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_NoncashOrPartNoncashDivestitureAmountOfConsiderationReceivedEstimatedFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-cash proceeds received for the sale of assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GainLossFromSaleOfPreferenceShares" xlink:label="rig_GainLossFromSaleOfPreferenceShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GainLossFromSaleOfPreferenceShares" xlink:to="rig_GainLossFromSaleOfPreferenceShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GainLossFromSaleOfPreferenceShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the gain (loss) from the sale of preference shares during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GainLossFromSaleOfPreferenceShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) from Sale of Preference Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="rig_GainLossFromSaleOfPreferenceShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recognized loss on sale of preference shares</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GainLossFromSaleOfPreferenceSharesPerDilutedShare" xlink:label="rig_GainLossFromSaleOfPreferenceSharesPerDilutedShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GainLossFromSaleOfPreferenceSharesPerDilutedShare" xlink:to="rig_GainLossFromSaleOfPreferenceSharesPerDilutedShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GainLossFromSaleOfPreferenceSharesPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the gain (loss) from the sale of preference shares per diluted share common stock during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GainLossFromSaleOfPreferenceSharesPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) from Sale of Preference Shares Per Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GainLossFromSaleOfPreferenceSharesPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recognized loss on sale of preference shares per diluted share (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GainLossOnDispositionOfAssetsNetOfTax" xlink:label="rig_GainLossOnDispositionOfAssetsNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GainLossOnDispositionOfAssetsNetOfTax" xlink:to="rig_GainLossOnDispositionOfAssetsNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GainLossOnDispositionOfAssetsNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the gain (loss) included in earnings resulting from the sale or disposal of tangible assets, net of tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GainLossOnDispositionOfAssetsNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Disposition of Assets Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GainLossOnDispositionOfAssetsNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (loss) on sale of assets, net of tax</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TermOfLettersOfCreditFollowingClosingOfDisposalTransaction" xlink:label="rig_TermOfLettersOfCreditFollowingClosingOfDisposalTransaction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TermOfLettersOfCreditFollowingClosingOfDisposalTransaction" xlink:to="rig_TermOfLettersOfCreditFollowingClosingOfDisposalTransaction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TermOfLettersOfCreditFollowingClosingOfDisposalTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The term of the credit facility issued under our committed and uncommitted credit lines provided by several banks following the closing of the disposal transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TermOfLettersOfCreditFollowingClosingOfDisposalTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of Letters of Credit Following Closing of Disposal Transaction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TermOfLettersOfCreditFollowingClosingOfDisposalTransaction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of letters of credit</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GuaranteeObligationsMaximumExposure" xlink:label="us-gaap_GuaranteeObligationsMaximumExposure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GuaranteeObligationsMaximumExposure" xlink:to="us-gaap_GuaranteeObligationsMaximumExposure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GuaranteeObligationsMaximumExposure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantor Obligations, Maximum Exposure, Undiscounted</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GuaranteeObligationsMaximumExposure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum financial support</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LettersOfCreditIssuedUnderCommittedAndUncommittedCreditLinesAmount" xlink:label="rig_LettersOfCreditIssuedUnderCommittedAndUncommittedCreditLinesAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LettersOfCreditIssuedUnderCommittedAndUncommittedCreditLinesAmount" xlink:to="rig_LettersOfCreditIssuedUnderCommittedAndUncommittedCreditLinesAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LettersOfCreditIssuedUnderCommittedAndUncommittedCreditLinesAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total amount of letters of credit issued under committed and uncommitted credit lines provided by several banks related to the financial support of the disposal group.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LettersOfCreditIssuedUnderCommittedAndUncommittedCreditLinesAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Letters of Credit Issued under Committed and Uncommitted Credit Lines Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LettersOfCreditIssuedUnderCommittedAndUncommittedCreditLinesAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Letters of credit issued under committed and uncommitted credit lines</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GuaranteeObligationsAdditionalMaximumExposure" xlink:label="rig_GuaranteeObligationsAdditionalMaximumExposure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GuaranteeObligationsAdditionalMaximumExposure" xlink:to="rig_GuaranteeObligationsAdditionalMaximumExposure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GuaranteeObligationsAdditionalMaximumExposure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum potential amount of additional future payments (undiscounted) the guarantor could be required to make under the guarantee or each group of similar guarantees before reduction for potential recoveries under recourse or collateralization provisions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GuaranteeObligationsAdditionalMaximumExposure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Guarantee Obligations Additional Maximum Exposure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GuaranteeObligationsAdditionalMaximumExposure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum additional financial support, excluding parent guarantees</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GainLossOnSaleOfOtherAssets" xlink:label="us-gaap_GainLossOnSaleOfOtherAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnSaleOfOtherAssets" xlink:to="us-gaap_GainLossOnSaleOfOtherAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnSaleOfOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Disposition of Other Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GainLossOnSaleOfOtherAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Recognized aggregate net gain (loss) on disposal of assets unrelated to disposition of rigs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill" xlink:label="us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill" xlink:to="us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ImpairmentOfIntangibleAssetsIndefinitelivedExcludingGoodwill_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment loss on indefinite-lived intangible asset</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ImpairmentOfLongLivedAssetsToBeDisposedOfNetOfTax" xlink:label="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfNetOfTax" xlink:to="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The aggregate amount of write-downs for impairments recognized during the period for long-lived assets held for abandonment, net of tax.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Impairment of Long Lived Assets to be Disposed of Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ImpairmentOfLongLivedAssetsToBeDisposedOfNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on impairment of assets held for sale net of tax</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LossOnImpairmentOfAssetPerDilutedShare" xlink:label="rig_LossOnImpairmentOfAssetPerDilutedShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LossOnImpairmentOfAssetPerDilutedShare" xlink:to="rig_LossOnImpairmentOfAssetPerDilutedShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LossOnImpairmentOfAssetPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The loss from impairment charge on assets per each share of dilutive common stock during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LossOnImpairmentOfAssetPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on Impairment of Asset Per Diluted Share</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DiscontinuedOperationsGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per diluted share amount, after tax, of the gain (loss) on the disposal of discontinued operations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DiscontinuedOperationsGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discontinued Operations, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Per Diluted Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DiscontinuedOperationsGainLossOnDisposalOfDiscontinuedOperationNetOfTaxPerDilutedShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net loss on sale of assets per diluted share (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GainLossOnDispositionOfAssetsTaxEffect" xlink:label="rig_GainLossOnDispositionOfAssetsTaxEffect" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GainLossOnDispositionOfAssetsTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the tax effect of gains (losses) included in earnings resulting from the sale or disposal of tangible assets, not including any gain (loss) recognized on the sale of oil and gas property or timber property.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GainLossOnDispositionOfAssetsTaxEffect_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Disposition of Assets Tax Effect</label>
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    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupsIncludingDiscontinuedOperationsFixedInterestRateOnWorkingCapitalLineofCreditToBuyer" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsFixedInterestRateOnWorkingCapitalLineofCreditToBuyer" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsFixedInterestRateOnWorkingCapitalLineofCreditToBuyer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The fixed interest rate on borrowings under the working capital line of credit provided by the entity to buyer of discontinued non-strategic operations on completion of the sale transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsFixedInterestRateOnWorkingCapitalLineofCreditToBuyer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Groups Including Discontinued Operations Fixed Interest Rate on Working Capital Lineof Credit to Buyer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsFixedInterestRateOnWorkingCapitalLineofCreditToBuyer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed interest percentage on working capital line of credit to buyer</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupsIncludingDiscontinuedOperationsAmountOutstandingUnderWorkingCapitalLineOfCreditProvidedToBuyer" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsAmountOutstandingUnderWorkingCapitalLineOfCreditProvidedToBuyer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DisposalGroupsIncludingDiscontinuedOperationsAmountOutstandingUnderWorkingCapitalLineOfCreditProvidedToBuyer" xlink:to="rig_DisposalGroupsIncludingDiscontinuedOperationsAmountOutstandingUnderWorkingCapitalLineOfCreditProvidedToBuyer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsAmountOutstandingUnderWorkingCapitalLineOfCreditProvidedToBuyer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount outstanding under the working capital line of credit provided by the entity to the buyer of discontinued non-strategic operations on completion of the sale transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsAmountOutstandingUnderWorkingCapitalLineOfCreditProvidedToBuyer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Groups Including Discontinued Operations Amount Outstanding Under Working Capital Line of Credit Provided to Buyer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsAmountOutstandingUnderWorkingCapitalLineOfCreditProvidedToBuyer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowings outstanding under working capital line of credit to buyer</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DisposalGroupsIncludingDiscontinuedOperationsWorkingCapitalLineOfCreditProvidedToBuyer" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsWorkingCapitalLineOfCreditProvidedToBuyer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DisposalGroupsIncludingDiscontinuedOperationsWorkingCapitalLineOfCreditProvidedToBuyer" xlink:to="rig_DisposalGroupsIncludingDiscontinuedOperationsWorkingCapitalLineOfCreditProvidedToBuyer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsWorkingCapitalLineOfCreditProvidedToBuyer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of working capital line of credit provided by the entity to buyer of discontinued non-strategic operations upon completion of the sale transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsWorkingCapitalLineOfCreditProvidedToBuyer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disposal Groups Including Discontinued Operations Working Capital Line of Credit Provided to Buyer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DisposalGroupsIncludingDiscontinuedOperationsWorkingCapitalLineOfCreditProvidedToBuyer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Working capital line of credit to the buyer</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Income (Loss) Available to Common Stockholders, Basic [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Numerator for earnings (loss) per share, basic</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromContinuingOperations" xlink:label="us-gaap_IncomeLossFromContinuingOperations" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (Loss) from Continuing Operations Attributable to Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeLossFromContinuingOperations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) from continuing operations attributable to controlling interest</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UndistributedEarningsAllocatedToParticipatingSecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Undistributed Earnings Allocated to Participating Securities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_UndistributedEarningsAllocatedToParticipatingSecurities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Undistributed earnings allocable to participating securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Income (Loss) Available to Common Stockholders, Basic</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (loss) from continuing operations available to shareholders</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted Average Number of Shares Outstanding, Basic [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Denominator for earnings per share, basic</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Income (Loss) Available to Common Stockholders, Diluted [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDilutedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Numerator for earnings (loss) per share, diluted</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PreferredStockDividendsAndOtherAdjustments" xlink:label="us-gaap_PreferredStockDividendsAndOtherAdjustments" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted" xlink:to="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Income (Loss) Available to Common Stockholders, Diluted</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockCompensationPlanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Compensation Plan [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_StockCompensationPlanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based awards</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Anti-dilutive securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" xlink:to="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based awards excluded from earnings per share calculation (in shares)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NoncontrollingInterestAndRedeemableNoncontrollingInterestMember" xlink:label="rig_NoncontrollingInterestAndRedeemableNoncontrollingInterestMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NoncontrollingInterestAndRedeemableNoncontrollingInterestMember" xlink:to="rig_NoncontrollingInterestAndRedeemableNoncontrollingInterestMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NoncontrollingInterestAndRedeemableNoncontrollingInterestMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents that portion of equity (net assets) in a subsidiary not attributable, directly or indirectly, to the parent and redeemable portion.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NoncontrollingInterestAndRedeemableNoncontrollingInterestMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest And Redeemable Noncontrolling Interest [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NoncontrollingInterestAndRedeemableNoncontrollingInterestMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-controlling interest and Redeemable non-controlling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract" xlink:to="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Comprehensive Income (Loss), Net of Tax [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherComprehensiveIncomeLossNetOfTaxPeriodIncreaseDecreaseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allocation of other comprehensive income (loss)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax" xlink:to="us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Net Unamortized Gain (Loss) Arising During Period, before Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansNetUnamortizedGainLossArisingDuringPeriodBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Components of net periodic benefit costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:label="us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainLossOnDerivativeInstrumentsNetPretax" xlink:to="us-gaap_GainLossOnDerivativeInstrumentsNetPretax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainLossOnDerivativeInstrumentsNetPretax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Derivative Instruments, Net, Pretax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GainLossOnDerivativeInstrumentsNetPretax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">(Gain) loss on derivative instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MarketableSecuritiesRealizedGainLoss" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MarketableSecuritiesRealizedGainLoss" xlink:to="us-gaap_MarketableSecuritiesRealizedGainLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Marketable Securities, Realized Gain (Loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MarketableSecuritiesRealizedGainLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss on marketable security</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestTable" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestTable" xlink:to="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of capital expenditures and other capital additions, including capitalized interest, by way of major ongoing construction projects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actual Capital Expenditures and Other Capital Additions, Including Capitalized Interest [Table]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestAxis" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestAxis" xlink:to="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pertinent information related to major ongoing construction projects.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actual Capital Expenditures and Other Capital Additions, Including Capitalized Interest [Axis]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestDomain" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestDomain" xlink:to="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Various types of ongoing construction projects of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actual Capital Expenditures And Other Capital Additions Including Capitalized Interest [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actual Capital Expenditures and Other Capital Additions, Including Capitalized Interest [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanHonorMember" xlink:label="rig_TransoceanHonorMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanHonorMember" xlink:to="rig_TransoceanHonorMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanHonorMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to construction of Transocean Honor.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanHonorMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Honor [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanHonorMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Honor</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanSiamDrillerMember" xlink:label="rig_TransoceanSiamDrillerMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanSiamDrillerMember" xlink:to="rig_TransoceanSiamDrillerMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanSiamDrillerMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to construction of Transocean Siam Driller.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanSiamDrillerMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Siam Driller [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanSiamDrillerMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Siam Driller</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanAndamanMember" xlink:label="rig_TransoceanAndamanMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanAndamanMember" xlink:to="rig_TransoceanAndamanMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanAndamanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to construction of Transocean Andaman.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanAndamanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Andaman [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanAndamanMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Andaman</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanAoThaiMember" xlink:label="rig_TransoceanAoThaiMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanAoThaiMember" xlink:to="rig_TransoceanAoThaiMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanAoThaiMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to construction of Transocean Ao Thai.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanAoThaiMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Ao Thai [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanAoThaiMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Ao Thai</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeepwaterAsgardMember" xlink:label="rig_DeepwaterAsgardMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeepwaterAsgardMember" xlink:to="rig_DeepwaterAsgardMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeepwaterAsgardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Deepwater Asgard.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeepwaterAsgardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Asgard [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeepwaterAsgardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Asgard</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeepwaterInvictusMember" xlink:label="rig_DeepwaterInvictusMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeepwaterInvictusMember" xlink:to="rig_DeepwaterInvictusMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeepwaterInvictusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Deepwater Invictus.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeepwaterInvictusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Invictus [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeepwaterInvictusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Invictus</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeepwaterThalassaMember" xlink:label="rig_DeepwaterThalassaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeepwaterThalassaMember" xlink:to="rig_DeepwaterThalassaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeepwaterThalassaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Deepwater Thalassa.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeepwaterThalassaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Thalassa [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeepwaterThalassaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Thalassa</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeepwaterProteusMember" xlink:label="rig_DeepwaterProteusMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeepwaterProteusMember" xlink:to="rig_DeepwaterProteusMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeepwaterProteusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Deepwater Proteus.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeepwaterProteusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Proteus [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeepwaterProteusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Proteus</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeepwaterConquerorMember" xlink:label="rig_DeepwaterConquerorMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeepwaterConquerorMember" xlink:to="rig_DeepwaterConquerorMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeepwaterConquerorMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Deepwater Conqueror.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeepwaterConquerorMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Conqueror [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeepwaterConquerorMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Conqueror</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeepwaterPontusMember" xlink:label="rig_DeepwaterPontusMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeepwaterPontusMember" xlink:to="rig_DeepwaterPontusMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeepwaterPontusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Deepwater Pontus.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeepwaterPontusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Pontus [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeepwaterPontusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Pontus</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeepwaterPoseidonMember" xlink:label="rig_DeepwaterPoseidonMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeepwaterPoseidonMember" xlink:to="rig_DeepwaterPoseidonMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeepwaterPoseidonMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Deepwater Poseidon.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeepwaterPoseidonMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Poseidon [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeepwaterPoseidonMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Poseidon</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanCassiopeiaMember" xlink:label="rig_TransoceanCassiopeiaMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanCassiopeiaMember" xlink:to="rig_TransoceanCassiopeiaMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanCassiopeiaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Transocean Cassiopeia.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanCassiopeiaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Cassiopeia [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanCassiopeiaMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Cassiopeia</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanCentaurusMember" xlink:label="rig_TransoceanCentaurusMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanCentaurusMember" xlink:to="rig_TransoceanCentaurusMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanCentaurusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Transocean Centaurus .</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanCentaurusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Centaurus [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanCentaurusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Centaurus</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanCepheusMember" xlink:label="rig_TransoceanCepheusMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanCepheusMember" xlink:to="rig_TransoceanCepheusMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanCepheusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Transocean Cepheus.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanCepheusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Cepheus [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanCepheusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Cepheus</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanCetusMember" xlink:label="rig_TransoceanCetusMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanCetusMember" xlink:to="rig_TransoceanCetusMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanCetusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Transocean Cetus.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanCetusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Cetus [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanCetusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Cetus</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_UltraDeepwaterDrillshipTbn1Member" xlink:label="rig_UltraDeepwaterDrillshipTbn1Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_UltraDeepwaterDrillshipTbn1Member" xlink:to="rig_UltraDeepwaterDrillshipTbn1Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_UltraDeepwaterDrillshipTbn1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Ultra-Deepwater drillship TBN1.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_UltraDeepwaterDrillshipTbn1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ultra Deepwater Drillship Tbn1 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_UltraDeepwaterDrillshipTbn1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ultra-Deepwater drillship TBN1</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanCircinusMember" xlink:label="rig_TransoceanCircinusMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanCircinusMember" xlink:to="rig_TransoceanCircinusMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanCircinusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Transocean Circinus.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanCircinusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Circinus [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanCircinusMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Circinus</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_UltraDeepwaterDrillshipTbn2Member" xlink:label="rig_UltraDeepwaterDrillshipTbn2Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_UltraDeepwaterDrillshipTbn2Member" xlink:to="rig_UltraDeepwaterDrillshipTbn2Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_UltraDeepwaterDrillshipTbn2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the Ultra-Deepwater drillship TBN2.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_UltraDeepwaterDrillshipTbn2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ultra Deepwater Drillship Tbn2 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_UltraDeepwaterDrillshipTbn2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ultra-Deepwater drillship TBN2</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherConstructionProjectsAndCapitalAdditionsMember" xlink:label="rig_OtherConstructionProjectsAndCapitalAdditionsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherConstructionProjectsAndCapitalAdditionsMember" xlink:to="rig_OtherConstructionProjectsAndCapitalAdditionsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherConstructionProjectsAndCapitalAdditionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to the construction of the other construction projects and capital additions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherConstructionProjectsAndCapitalAdditionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Construction Projects And Capital Additions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherConstructionProjectsAndCapitalAdditionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other construction projects and capital additions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherCapitalizedPropertyPlantAndEquipmentMember" xlink:label="us-gaap_OtherCapitalizedPropertyPlantAndEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCapitalizedPropertyPlantAndEquipmentMember" xlink:to="us-gaap_OtherCapitalizedPropertyPlantAndEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherCapitalizedPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Capitalized Property Plant And Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherCapitalizedPropertyPlantAndEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other property and equipment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BusinessAcquisitionAxis" xlink:label="us-gaap_BusinessAcquisitionAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAxis" xlink:to="us-gaap_BusinessAcquisitionAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Acquisition [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BusinessAcquisitionAcquireeDomain" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BusinessAcquisitionAcquireeDomain" xlink:to="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Acquisition Acquiree [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BusinessAcquisitionAcquireeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Business Acquisition, Acquiree [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AkerDrillingMember" xlink:label="rig_AkerDrillingMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AkerDrillingMember" xlink:to="rig_AkerDrillingMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AkerDrillingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents Aker Drilling ASA, an acquiree of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AkerDrillingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aker Drilling [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AkerDrillingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aker Drilling</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestLineItems" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestLineItems" xlink:to="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actual Capital Expenditures and Other Capital Additions, Including Capitalized Interest [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ActualCapitalExpendituresAndOtherCapitalAdditionsIncludingCapitalizedInterestLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest, for our major construction projects</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MovementInPropertyPlantAndEquipmentRollForward" xlink:label="us-gaap_MovementInPropertyPlantAndEquipmentRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MovementInPropertyPlantAndEquipmentRollForward" xlink:to="us-gaap_MovementInPropertyPlantAndEquipmentRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MovementInPropertyPlantAndEquipmentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movement in Property, Plant and Equipment [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MovementInPropertyPlantAndEquipmentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in construction work in progress, including capital expenditures and other capital additions, such as capitalized interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConstructionInProgressGross" xlink:label="us-gaap_ConstructionInProgressGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConstructionInProgressGross" xlink:to="us-gaap_ConstructionInProgressGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConstructionInProgressGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction in Progress, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ConstructionInProgressGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction work in progress, at end of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ConstructionInProgressGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction work in progress, at beginning of period</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ChangeInAccrualOfConstructionInProgressExpenditures" xlink:label="rig_ChangeInAccrualOfConstructionInProgressExpenditures" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ChangeInAccrualOfConstructionInProgressExpenditures" xlink:to="rig_ChangeInAccrualOfConstructionInProgressExpenditures_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ChangeInAccrualOfConstructionInProgressExpenditures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The change in accrued but unpaid capital expenditures.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ChangeInAccrualOfConstructionInProgressExpenditures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in Accrual of Construction in Progress Expenditures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ChangeInAccrualOfConstructionInProgressExpenditures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in accrued capital expenditures</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AcquisitionOfConstructionWorkInProgress" xlink:label="rig_AcquisitionOfConstructionWorkInProgress" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AcquisitionOfConstructionWorkInProgress" xlink:to="rig_AcquisitionOfConstructionWorkInProgress_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AcquisitionOfConstructionWorkInProgress_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the estimated fair value of initial investment in the construction project.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AcquisitionOfConstructionWorkInProgress_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition of Construction Work in Progress</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AcquisitionOfConstructionWorkInProgress_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Acquisition of construction work in progress</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:label="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges" xlink:to="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property, Plant and Equipment, Transfers and Changes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PropertyPlantAndEquipmentTransfersAndChanges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and equipment placed into service</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvestmentOwnershipPercentage" xlink:to="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investment, Ownership Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/positiveLabel" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of total commitment under ADDCL secondary bank credit agreement provided by subsidiary</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_EquityMethodInvestmentOwnershipPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Ownership interest in affiliate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ConstructionCostsPercentageOfTotalExpendituresIncurredSinceInception" xlink:label="rig_ConstructionCostsPercentageOfTotalExpendituresIncurredSinceInception" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ConstructionCostsPercentageOfTotalExpendituresIncurredSinceInception" xlink:to="rig_ConstructionCostsPercentageOfTotalExpendituresIncurredSinceInception_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ConstructionCostsPercentageOfTotalExpendituresIncurredSinceInception_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The construction costs represented in this disclosure as a percentage of total expenditures incurred since inception without regard to ownership percentage or responsible party.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ConstructionCostsPercentageOfTotalExpendituresIncurredSinceInception_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Construction Costs, Percentage of Total Expenditures, Incurred Since Inception</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ConstructionCostsPercentageOfTotalExpendituresIncurredSinceInception_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Costs as a percentage of total expenditures incurred since inception</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfHighSpecificationJackupsUnderConstructions" xlink:label="rig_NumberOfHighSpecificationJackupsUnderConstructions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfHighSpecificationJackupsUnderConstructions" xlink:to="rig_NumberOfHighSpecificationJackupsUnderConstructions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfHighSpecificationJackupsUnderConstructions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High-Specification Jackups under construction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfHighSpecificationJackupsUnderConstructions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High Specification Jackups Under Constructions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfHighSpecificationJackupsUnderConstructions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of High Specification Jackups under construction</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfUltraDeepwaterFloatersUnderConstruction" xlink:label="rig_NumberOfUltraDeepwaterFloatersUnderConstruction" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfUltraDeepwaterFloatersUnderConstruction" xlink:to="rig_NumberOfUltraDeepwaterFloatersUnderConstruction_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfUltraDeepwaterFloatersUnderConstruction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Ultra-Deepwater Floaters under construction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfUltraDeepwaterFloatersUnderConstruction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Ultra Deepwater Floaters under Construction</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfUltraDeepwaterFloatersUnderConstruction_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Ultra-Deepwater Floaters under construction</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable" xlink:label="us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable" xlink:to="us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfSignificantAcquisitionsAndDisposalsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Significant Acquisitions and Disposals [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis" xlink:to="us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsByTransactionAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant Acquisitions and Disposals by Transaction [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain" xlink:to="us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant Acquisitions And Disposals Transaction [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsTransactionDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant Acquisitions and Disposals, Transaction [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SaleOfHighSpecificationJackupsGsfMagellanAndGsfMonitorWithRelatedEquipmentMember" xlink:label="rig_SaleOfHighSpecificationJackupsGsfMagellanAndGsfMonitorWithRelatedEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SaleOfHighSpecificationJackupsGsfMagellanAndGsfMonitorWithRelatedEquipmentMember" xlink:to="rig_SaleOfHighSpecificationJackupsGsfMagellanAndGsfMonitorWithRelatedEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SaleOfHighSpecificationJackupsGsfMagellanAndGsfMonitorWithRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the sale of the High-Specification Jackups GSF Magellan and GSF Monitor along with related equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SaleOfHighSpecificationJackupsGsfMagellanAndGsfMonitorWithRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale Of High Specification Jackups Gsf Magellan And Gsf Monitor With Related Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SaleOfHighSpecificationJackupsGsfMagellanAndGsfMonitorWithRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale of the High-Specification Jackups GSF Magellan and GSF Monitor along with related equipment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AssetsHeldForSaleDeepwaterFloatersSedco710AndSovereignExplorerAndMidwaterFloatersFalcon100GsfArcticIJ.w.McleanSedco601AndSedco700WithRelatedEquipmentMember" xlink:label="rig_AssetsHeldForSaleDeepwaterFloatersSedco710AndSovereignExplorerAndMidwaterFloatersFalcon100GsfArcticIJ.w.McleanSedco601AndSedco700WithRelatedEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AssetsHeldForSaleDeepwaterFloatersSedco710AndSovereignExplorerAndMidwaterFloatersFalcon100GsfArcticIJ.w.McleanSedco601AndSedco700WithRelatedEquipmentMember" xlink:to="rig_AssetsHeldForSaleDeepwaterFloatersSedco710AndSovereignExplorerAndMidwaterFloatersFalcon100GsfArcticIJ.w.McleanSedco601AndSedco700WithRelatedEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AssetsHeldForSaleDeepwaterFloatersSedco710AndSovereignExplorerAndMidwaterFloatersFalcon100GsfArcticIJ.w.McleanSedco601AndSedco700WithRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the assets held for sale of Deepwater Floaters Sedco 710 and Sovereign Explorer and the Midwater Floaters Falcon 100, GSF Arctic I, J.W. McLean, Sedco 601 and Sedco 700 and related equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AssetsHeldForSaleDeepwaterFloatersSedco710AndSovereignExplorerAndMidwaterFloatersFalcon100GsfArcticIJ.w.McleanSedco601AndSedco700WithRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held For Sale Deepwater Floaters Sedco710 And Sovereign Explorer And Midwater Floaters Falcon100 Gsf Arctic I J.w. Mclean Sedco601 And Sedco700 With Related Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AssetsHeldForSaleDeepwaterFloatersSedco710AndSovereignExplorerAndMidwaterFloatersFalcon100GsfArcticIJ.w.McleanSedco601AndSedco700WithRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held For Sale Deepwater Floaters Sedco 710 and Sovereign Explorer and the Midwater Floaters Sedneth 701 and C. Kirk Rhein, Jr, Falcon 100, GSF Arctic I, J.W. McLean, Sedco 601 and Sedco 700 with related equipment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AssetHeldForSaleOfDeepwaterFloaterSedco709AndMidwaterFloatersCKirkRheinJrFalcon100AndSedco703WithRelatedEquipmentMember" xlink:label="rig_AssetHeldForSaleOfDeepwaterFloaterSedco709AndMidwaterFloatersCKirkRheinJrFalcon100AndSedco703WithRelatedEquipmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AssetHeldForSaleOfDeepwaterFloaterSedco709AndMidwaterFloatersCKirkRheinJrFalcon100AndSedco703WithRelatedEquipmentMember" xlink:to="rig_AssetHeldForSaleOfDeepwaterFloaterSedco709AndMidwaterFloatersCKirkRheinJrFalcon100AndSedco703WithRelatedEquipmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AssetHeldForSaleOfDeepwaterFloaterSedco709AndMidwaterFloatersCKirkRheinJrFalcon100AndSedco703WithRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents asset held for sale of Deepwater Floater Sedco 709 and Midwater Floaters CKirk Rhein Jr Falcon 100 and Sedco 703 with related equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AssetHeldForSaleOfDeepwaterFloaterSedco709AndMidwaterFloatersCKirkRheinJrFalcon100AndSedco703WithRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset Held For Sale Of Deepwater Floater Sedco709 And Midwater Floaters C Kirk Rhein Jr Falcon100 And Sedco703 With Related Equipment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AssetHeldForSaleOfDeepwaterFloaterSedco709AndMidwaterFloatersCKirkRheinJrFalcon100AndSedco703WithRelatedEquipmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held for Sale Deepwater Floater Sedco 709 and Midwater Floaters C. Kirk Rhein Jr., Falcon 100 and Sedco 703 and GSF Monitor along with related equipment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SaleOfOtherAssetsMember" xlink:label="rig_SaleOfOtherAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SaleOfOtherAssetsMember" xlink:to="rig_SaleOfOtherAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SaleOfOtherAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents sale of other assets not specifically identified in the disclosures.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SaleOfOtherAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale Of Other Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SaleOfOtherAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale of other assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SaleOfTransoceanRichardsonAndRelatedAssetsMember" xlink:label="rig_SaleOfTransoceanRichardsonAndRelatedAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SaleOfTransoceanRichardsonAndRelatedAssetsMember" xlink:to="rig_SaleOfTransoceanRichardsonAndRelatedAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SaleOfTransoceanRichardsonAndRelatedAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the sale of Transocean Richardson along with related equipment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SaleOfTransoceanRichardsonAndRelatedAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale Of Transocean Richardson And Related Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SaleOfTransoceanRichardsonAndRelatedAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale of Transocean Richardson</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SaleOfDeepwaterFloatersDiscoverer534AndJimCunninghamMember" xlink:label="rig_SaleOfDeepwaterFloatersDiscoverer534AndJimCunninghamMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SaleOfDeepwaterFloatersDiscoverer534AndJimCunninghamMember" xlink:to="rig_SaleOfDeepwaterFloatersDiscoverer534AndJimCunninghamMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SaleOfDeepwaterFloatersDiscoverer534AndJimCunninghamMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the sale of Deepwater Floaters Discoverer 534 and Jim Cunningham.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SaleOfDeepwaterFloatersDiscoverer534AndJimCunninghamMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale Of Deepwater Floaters Discoverer534 And Jim Cunningham [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SaleOfDeepwaterFloatersDiscoverer534AndJimCunninghamMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sale of Deepwater Floaters Discoverer 534 and Jim Cunningham</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:label="us-gaap_LongLivedAssetsHeldForSaleLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongLivedAssetsHeldForSaleLineItems" xlink:to="us-gaap_LongLivedAssetsHeldForSaleLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongLivedAssetsHeldForSaleLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Lived Assets Held-for-sale [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongLivedAssetsHeldForSaleLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets held for sale</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DispositionsAbstract" xlink:label="rig_DispositionsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DispositionsAbstract" xlink:to="rig_DispositionsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DispositionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dispositions [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DispositionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dispositions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SignificantAcquisitionsAndDisposalsGainLossOnSaleOrDisposalNetOfTax" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsGainLossOnSaleOrDisposalNetOfTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAcquisitionsAndDisposalsGainLossOnSaleOrDisposalNetOfTax" xlink:to="us-gaap_SignificantAcquisitionsAndDisposalsGainLossOnSaleOrDisposalNetOfTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsGainLossOnSaleOrDisposalNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant Acquisitions and Disposals, Gain (Loss) on Sale or Disposal, Net of Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsGainLossOnSaleOrDisposalNetOfTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain on the sale of assets, net of tax</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GainLossOnDispositionOfAssetsPerDilutiveShare" xlink:label="rig_GainLossOnDispositionOfAssetsPerDilutiveShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GainLossOnDispositionOfAssetsPerDilutiveShare" xlink:to="rig_GainLossOnDispositionOfAssetsPerDilutiveShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_GainLossOnDispositionOfAssetsPerDilutiveShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The gains and losses included in earnings resulting from the sale or disposal of tangible assets per each share of dilutive common stock.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GainLossOnDispositionOfAssetsPerDilutiveShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (Loss) on Disposition of Assets Per Dilutive Share</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GainLossOnDispositionOfAssetsPerDilutiveShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (loss) on the sale of assets per diluted share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AssetsHeldForSaleLongLived" xlink:label="us-gaap_AssetsHeldForSaleLongLived" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AssetsHeldForSaleLongLived" xlink:to="us-gaap_AssetsHeldForSaleLongLived_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AssetsHeldForSaleLongLived_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Held-for-sale, Long Lived</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AssetsHeldForSaleLongLived_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate carrying amount of assets held for sale</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfGoodwillTable" xlink:label="us-gaap_ScheduleOfGoodwillTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfGoodwillTable" xlink:to="us-gaap_ScheduleOfGoodwillTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfGoodwillTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Goodwill [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementBusinessSegmentsAxis" xlink:label="us-gaap_StatementBusinessSegmentsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementBusinessSegmentsAxis" xlink:to="us-gaap_StatementBusinessSegmentsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementBusinessSegmentsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SegmentDomain" xlink:label="us-gaap_SegmentDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SegmentDomain" xlink:to="us-gaap_SegmentDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SegmentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segment [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SegmentDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Segments [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ContractDrillingServicesMember" xlink:label="rig_ContractDrillingServicesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ContractDrillingServicesMember" xlink:to="rig_ContractDrillingServicesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ContractDrillingServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Details pertaining to contract drilling services, a reportable segment of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ContractDrillingServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contract Drilling Services [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ContractDrillingServicesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contract drilling services</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GoodwillLineItems" xlink:label="us-gaap_GoodwillLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillLineItems" xlink:to="us-gaap_GoodwillLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GoodwillLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GoodwillRollForward" xlink:label="us-gaap_GoodwillRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillRollForward" xlink:to="us-gaap_GoodwillRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GoodwillRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GoodwillGross" xlink:label="us-gaap_GoodwillGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillGross" xlink:to="us-gaap_GoodwillGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_GoodwillGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross carrying amount at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_GoodwillGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross carrying amount at the beginning of the period</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillAccumulatedImpairmentRollForward" xlink:label="rig_GoodwillAccumulatedImpairmentRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillAccumulatedImpairmentRollForward" xlink:to="rig_GoodwillAccumulatedImpairmentRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillAccumulatedImpairmentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Accumulated Impairment [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillAccumulatedImpairmentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated impairment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:label="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss" xlink:to="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill, Impaired, Accumulated Impairment Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated impairment at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="us-gaap_GoodwillImpairedAccumulatedImpairmentLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated impairment at the beginning of the period</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_GoodwillNetOfImpairmentRollForward" xlink:label="rig_GoodwillNetOfImpairmentRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_GoodwillNetOfImpairmentRollForward" xlink:to="rig_GoodwillNetOfImpairmentRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_GoodwillNetOfImpairmentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Goodwill Net of Impairment [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_GoodwillNetOfImpairmentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net carrying amount</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassTable" xlink:label="rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassTable" xlink:to="rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of the carrying value of amortizable intangibles assets and liabilities, in total and by major class. Finite-lived intangible assets and liabilities have a stated useful life over which their gross carrying value is amortized. A major class is composed of intangible assets and liabilities that can be grouped together because they are similar, either by their nature or by their use in the operations of a company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ScheduleOfFiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Finite Lived, Intangible Assets and Liabilities by Major Class [Table]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassAxis" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassAxis" xlink:to="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The axis of a table defines the relationship between the domain members or categories in the table and the line items or concepts that complete the table.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived, Intangible Assets and Liabilities by Major Class [Axis]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassNameDomain" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassNameDomain" xlink:to="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The major class of finite-lived intangible asset and liabilities (for example, patents, trademarks, copyrights, etc.) A major class is composed of intangible assets and liabilities that can be grouped together because they are similar, either by their nature or by their use in the operations of the company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived Intangible Assets And Liabilities By Major Class Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesByMajorClassNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived, Intangible Assets and Liabilities by Major Class Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ContractualLiabilitiesMember" xlink:label="rig_ContractualLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ContractualLiabilitiesMember" xlink:to="rig_ContractualLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ContractualLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">An intangible liability that arises from a contractual arrangement with a third party (not including franchise rights and license agreements).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ContractualLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ContractualLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Drilling contract intangible liabilities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems" xlink:to="rig_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived, Intangible Assets and Liabilities [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Definite-lived intangible assets and intangible liabilities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleAssetsLiabilitiesRollForward" xlink:label="rig_FiniteLivedIntangibleAssetsLiabilitiesRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleAssetsLiabilitiesRollForward" xlink:to="rig_FiniteLivedIntangibleAssetsLiabilitiesRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleAssetsLiabilitiesRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived Intangible Assets, Liabilities [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FiniteLivedIntangibleAssetsLiabilitiesRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in gross carrying amounts of definite-lived intangible assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleLiabilitiesGross" xlink:label="rig_FiniteLivedIntangibleLiabilitiesGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleLiabilitiesGross" xlink:to="rig_FiniteLivedIntangibleLiabilitiesGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FiniteLivedIntangibleLiabilitiesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sum of the gross carrying amounts before accumulated amortization as of the balance sheet date of all intangible liabilities having statutory or estimated useful lives. The aggregate gross carrying amount belongs to a major finite-lived intangible liabilities class. A major class is composed of intangible liabilities that can be grouped together because they are similar, either by their nature or by their use in the operations of the company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleLiabilitiesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived, Intangible Liabilities, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="rig_FiniteLivedIntangibleLiabilitiesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross carrying amount at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="rig_FiniteLivedIntangibleLiabilitiesGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gross carrying amount at the beginning of the period</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairmentRollForward" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairmentRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairmentRollForward" xlink:to="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairmentRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairmentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">No definition available.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairmentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived Intangible Liabilities Accumulated Amortization and Impairment [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairmentRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in accumulated amortization and impairment of definite-lived intangible and definite-lived intangible liabilities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairment" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairment" xlink:to="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The cumulative amortization of finite-lived intangible liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived, Intangible Liabilities Accumulated Amortization and Impairment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated amortization and impairment at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAccumulatedAmortizationAndImpairment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated amortization and impairment at the beginning of the period</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleLiabilitiesAmortizationExpense" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAmortizationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleLiabilitiesAmortizationExpense" xlink:to="rig_FiniteLivedIntangibleLiabilitiesAmortizationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAmortizationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate amount of amortization from intangible liabilities recognized during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAmortizationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived, Intangible Liabilities Amortization Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="rig_FiniteLivedIntangibleLiabilitiesAmortizationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amortization</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleLiabilitiesNetCarryingAmountRollForward" xlink:label="rig_FiniteLivedIntangibleLiabilitiesNetCarryingAmountRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleLiabilitiesNetCarryingAmountRollForward" xlink:to="rig_FiniteLivedIntangibleLiabilitiesNetCarryingAmountRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleLiabilitiesNetCarryingAmountRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived Intangible Liabilities, Net Carrying Amount [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FiniteLivedIntangibleLiabilitiesNetCarryingAmountRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in net carrying amount of definite-lived intangible and definite-lived intangible liabilities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleLiabilitiesNet" xlink:label="rig_FiniteLivedIntangibleLiabilitiesNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleLiabilitiesNet" xlink:to="rig_FiniteLivedIntangibleLiabilitiesNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FiniteLivedIntangibleLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The aggregate sum of the gross carrying amount of finite-lived intangible liability class, less accumulated amortization. A major class is composed of intangible assets that can be grouped together because they are similar, either by their nature or by their use in the operations of a company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived, Intangible Liabilities, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="rig_FiniteLivedIntangibleLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net carrying amount at the end of the year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="rig_FiniteLivedIntangibleLiabilitiesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net carrying amount at the beginning of the year</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ContractualRightsAndLiabilitiesMember" xlink:label="rig_ContractualRightsAndLiabilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ContractualRightsAndLiabilitiesMember" xlink:to="rig_ContractualRightsAndLiabilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ContractualRightsAndLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">An intangible right and liability that arises from a contractual arrangement with a third party (not including franchise rights and license agreements).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ContractualRightsAndLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Rights And Liabilities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ContractualRightsAndLiabilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Drilling contract intangible liabilities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseAbstract" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseAbstract" xlink:to="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived Intangible Assets and Liabilities Future Amortization Expense [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortizationExpenseAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Future amortization of our intangible liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2015</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo" xlink:to="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite-Lived Intangible Assets, Amortization Expense, Year Two</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2016</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortization" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortization" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortization" xlink:to="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortization_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The aggregate estimated amortization for succeeding fiscal years for intangible assets and liabilities subject to amortization.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Finite Lived Intangible Assets and Liabilities, Future Amortization</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="rig_FiniteLivedIntangibleAssetsAndLiabilitiesFutureAmortization_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total intangible liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentTable" xlink:label="us-gaap_DebtInstrumentTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTable" xlink:to="us-gaap_DebtInstrumentTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Long-term Debt Instruments [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_LegalEntityAxis" xlink:label="dei_LegalEntityAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LegalEntityAxis" xlink:to="dei_LegalEntityAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LegalEntityAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Legal Entity [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityDomain" xlink:label="dei_EntityDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityDomain" xlink:to="dei_EntityDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanLtdAndSubsidiariesMember" xlink:label="rig_TransoceanLtdAndSubsidiariesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanLtdAndSubsidiariesMember" xlink:to="rig_TransoceanLtdAndSubsidiariesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanLtdAndSubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summarizes debt information for the company and its subsidiaries, excluding variable interest entities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanLtdAndSubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Ltd And Subsidiaries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanLtdAndSubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Ltd. and Subsidiaries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember" xlink:to="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Interest Entity Primary Beneficiary [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableInterestEntityPrimaryBeneficiaryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidated variable interest entities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanPacificDrillingIncMember" xlink:label="rig_TransoceanPacificDrillingIncMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanPacificDrillingIncMember" xlink:to="rig_TransoceanPacificDrillingIncMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanPacificDrillingIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TPDI VIE that is consolidated into the financial statements of Transocean.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanPacificDrillingIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Pacific Drilling Inc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanPacificDrillingIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TPDI</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AngolaDeepwaterDrillingCompanyLimitedMember" xlink:label="rig_AngolaDeepwaterDrillingCompanyLimitedMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AngolaDeepwaterDrillingCompanyLimitedMember" xlink:to="rig_AngolaDeepwaterDrillingCompanyLimitedMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AngolaDeepwaterDrillingCompanyLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Angola Deepwater Drilling Company Limited VIE that is consolidated into the financial statements of the reporting entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AngolaDeepwaterDrillingCompanyLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Angola Deepwater Drilling Company Limited [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AngolaDeepwaterDrillingCompanyLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ADDCL</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SubsidiariesMember" xlink:label="us-gaap_SubsidiariesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiariesMember" xlink:to="us-gaap_SubsidiariesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiaries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other subsidiaries.</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanIncMember" xlink:label="rig_TransoceanIncMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanIncMember" xlink:to="rig_TransoceanIncMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Another company which is controlled, directly or indirectly, by its parent.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Inc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanIncMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Inc.</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentAxis" xlink:label="us-gaap_DebtInstrumentAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentAxis" xlink:to="us-gaap_DebtInstrumentAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentNameDomain" xlink:label="us-gaap_DebtInstrumentNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentNameDomain" xlink:to="us-gaap_DebtInstrumentNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Name [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NotesDue5.0PercentFebruary2013Member" xlink:label="rig_NotesDue5.0PercentFebruary2013Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NotesDue5.0PercentFebruary2013Member" xlink:to="rig_NotesDue5.0PercentFebruary2013Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NotesDue5.0PercentFebruary2013Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A debt instrument, representing a financial security with a fixed interest rate and a stated maturity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NotesDue5.0PercentFebruary2013Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Due5.0 Percent February2013 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NotesDue5.0PercentFebruary2013Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">5% Notes due February 2013</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue5.25PercentMarch2013Member" xlink:label="rig_SeniorNotesDue5.25PercentMarch2013Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue5.25PercentMarch2013Member" xlink:to="rig_SeniorNotesDue5.25PercentMarch2013Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue5.25PercentMarch2013Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue5.25PercentMarch2013Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due5.25 Percent March2013 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue5.25PercentMarch2013Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">5.25% Senior Notes due March 2013</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TpdiCreditFacilitiesDueMarch2015Member" xlink:label="rig_TpdiCreditFacilitiesDueMarch2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TpdiCreditFacilitiesDueMarch2015Member" xlink:to="rig_TpdiCreditFacilitiesDueMarch2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TpdiCreditFacilitiesDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total TPDI secured credit facility which was established to finance the construction of and is secured by Dhirubhai Deepwater KG1 and Dhirubhai Deepwater KG2.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TpdiCreditFacilitiesDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tpdi Credit Facilities Due March2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TpdiCreditFacilitiesDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TPDI Credit Facilities due March 2015</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TpdiCreditFacilitiesSeniorTermLoanDueMarch2015Member" xlink:label="rig_TpdiCreditFacilitiesSeniorTermLoanDueMarch2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TpdiCreditFacilitiesSeniorTermLoanDueMarch2015Member" xlink:to="rig_TpdiCreditFacilitiesSeniorTermLoanDueMarch2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TpdiCreditFacilitiesSeniorTermLoanDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior term loan component of a secured credit facility which was established to finance the construction of and is secured by Dhirubhai Deepwater KG1 and Dhirubhai Deepwater KG2.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TpdiCreditFacilitiesSeniorTermLoanDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tpdi Credit Facilities Senior Term Loan Due March2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TpdiCreditFacilitiesSeniorTermLoanDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TPDI Credit Facilities Senior Term Loan Due March 2015</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TpdiCreditFacilitiesJuniorTermLoanDueMarch2015Member" xlink:label="rig_TpdiCreditFacilitiesJuniorTermLoanDueMarch2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TpdiCreditFacilitiesJuniorTermLoanDueMarch2015Member" xlink:to="rig_TpdiCreditFacilitiesJuniorTermLoanDueMarch2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TpdiCreditFacilitiesJuniorTermLoanDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Junior term loan component of a secured credit facility which was established to finance the construction of and is secured by Dhirubhai Deepwater KG1 and Dhirubhai Deepwater KG2.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TpdiCreditFacilitiesJuniorTermLoanDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tpdi Credit Facilities Junior Term Loan Due March2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TpdiCreditFacilitiesJuniorTermLoanDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TPDI Credit Facilities Junior Term Loan Due March 2015</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TpdiCreditFacilitiesRevolvingCreditFacilityDueMarch2015Member" xlink:label="rig_TpdiCreditFacilitiesRevolvingCreditFacilityDueMarch2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TpdiCreditFacilitiesRevolvingCreditFacilityDueMarch2015Member" xlink:to="rig_TpdiCreditFacilitiesRevolvingCreditFacilityDueMarch2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TpdiCreditFacilitiesRevolvingCreditFacilityDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revolving credit facility component of a secured credit facility which was established to finance the construction of and is secured by Dhirubhai Deepwater KG1 and Dhirubhai Deepwater KG2.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TpdiCreditFacilitiesRevolvingCreditFacilityDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tpdi Credit Facilities Revolving Credit Facility Due March2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TpdiCreditFacilitiesRevolvingCreditFacilityDueMarch2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TPDI Credit Facilities Revolving Credit Facility Due March 2015</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue4.95PercentNovember2015Member" xlink:label="rig_SeniorNotesDue4.95PercentNovember2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue4.95PercentNovember2015Member" xlink:to="rig_SeniorNotesDue4.95PercentNovember2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue4.95PercentNovember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A debt instrument, representing a financial security with a fixed interest rate and a stated maturity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue4.95PercentNovember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due4.95 Percent November2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue4.95PercentNovember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">4.95% Senior Notes due November 2015</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AkerRevolvingCreditAndTermLoanFacilityDueDecember2015Member" xlink:label="rig_AkerRevolvingCreditAndTermLoanFacilityDueDecember2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AkerRevolvingCreditAndTermLoanFacilityDueDecember2015Member" xlink:to="rig_AkerRevolvingCreditAndTermLoanFacilityDueDecember2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AkerRevolvingCreditAndTermLoanFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the revolving credit and term loan facility assumed in connection with the acquisition of Aker Drilling.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AkerRevolvingCreditAndTermLoanFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aker Revolving Credit And Term Loan Facility Due December2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AkerRevolvingCreditAndTermLoanFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aker Revolving Credit and Term Loan Facility due December 2015</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AkerRevolvingCreditFacilityDueDecember2015Member" xlink:label="rig_AkerRevolvingCreditFacilityDueDecember2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AkerRevolvingCreditFacilityDueDecember2015Member" xlink:to="rig_AkerRevolvingCreditFacilityDueDecember2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AkerRevolvingCreditFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the revolving credit assumed in connection with the acquisition of Aker Drilling.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AkerRevolvingCreditFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aker Revolving Credit Facility Due December2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AkerRevolvingCreditFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aker Revolving Credit Facility</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AkerTermLoanFacilityDueDecember2015Member" xlink:label="rig_AkerTermLoanFacilityDueDecember2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AkerTermLoanFacilityDueDecember2015Member" xlink:to="rig_AkerTermLoanFacilityDueDecember2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AkerTermLoanFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the term loan facility assumed in connection with the acquisition of Aker Drilling.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AkerTermLoanFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aker Term Loan Facility Due December2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AkerTermLoanFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aker Term Loan Facility</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CallableBondsDueFebruary2016Member" xlink:label="rig_CallableBondsDueFebruary2016Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CallableBondsDueFebruary2016Member" xlink:to="rig_CallableBondsDueFebruary2016Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CallableBondsDueFebruary2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the callable bonds assumed in connection with the acquisition of Aker Drilling.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CallableBondsDueFebruary2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Callable Bonds Due February2016 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CallableBondsDueFebruary2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Callable Bonds due February 2016</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FRNAkerDrillingASASeniorUnsecuredCallableBondsMember" xlink:label="rig_FRNAkerDrillingASASeniorUnsecuredCallableBondsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FRNAkerDrillingASASeniorUnsecuredCallableBondsMember" xlink:to="rig_FRNAkerDrillingASASeniorUnsecuredCallableBondsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FRNAkerDrillingASASeniorUnsecuredCallableBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the FRN Aker Drilling ASA Senior Unsecured Callable Bond Issue 2011/2016 assumed in connection with the acquisition of Aker Drilling.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FRNAkerDrillingASASeniorUnsecuredCallableBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">F R N Aker Drilling A S A Senior Unsecured Callable Bonds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FRNAkerDrillingASASeniorUnsecuredCallableBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">FRN Callable Bonds</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AkerDrillingASASeniorUnsecuredCallableBondsMember" xlink:label="rig_AkerDrillingASASeniorUnsecuredCallableBondsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AkerDrillingASASeniorUnsecuredCallableBondsMember" xlink:to="rig_AkerDrillingASASeniorUnsecuredCallableBondsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AkerDrillingASASeniorUnsecuredCallableBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the Aker Drilling ASA Senior Unsecured Callable Bond Issue 2011/2016 assumed in connection with the acquisition of Aker Drilling.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AkerDrillingASASeniorUnsecuredCallableBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aker Drilling A S A Senior Unsecured Callable Bonds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AkerDrillingASASeniorUnsecuredCallableBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">11% Callable Bonds</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue5.05PercentDecember2016Member" xlink:label="rig_SeniorNotesDue5.05PercentDecember2016Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue5.05PercentDecember2016Member" xlink:to="rig_SeniorNotesDue5.05PercentDecember2016Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue5.05PercentDecember2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue5.05PercentDecember2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due5.05 Percent December2016 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue5.05PercentDecember2016Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">5.05% Senior Notes due December 2016</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue2.5PercentOctober2017Member" xlink:label="rig_SeniorNotesDue2.5PercentOctober2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue2.5PercentOctober2017Member" xlink:to="rig_SeniorNotesDue2.5PercentOctober2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue2.5PercentOctober2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue2.5PercentOctober2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due2.5 Percent October2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue2.5PercentOctober2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2.5% Senior Notes due October 2017</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AddclCreditFacilitiesDueDecember2017Member" xlink:label="rig_AddclCreditFacilitiesDueDecember2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AddclCreditFacilitiesDueDecember2017Member" xlink:to="rig_AddclCreditFacilitiesDueDecember2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AddclCreditFacilitiesDueDecember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total ADDCL bank credit agreements for credit facilities established to finance the construction of and is secured by Discoverer Luanda.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AddclCreditFacilitiesDueDecember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Addcl Credit Facilities Due December2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AddclCreditFacilitiesDueDecember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ADDCL Credit Facilities due December 2017</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AddclCreditFacilitiesTrancheADueDecember2017Member" xlink:label="rig_AddclCreditFacilitiesTrancheADueDecember2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AddclCreditFacilitiesTrancheADueDecember2017Member" xlink:to="rig_AddclCreditFacilitiesTrancheADueDecember2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AddclCreditFacilitiesTrancheADueDecember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche A component of a senior secured bank credit facility established to finance the construction of and is secured by Discoverer Luanda.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AddclCreditFacilitiesTrancheADueDecember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Addcl Credit Facilities Tranche A Due December2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AddclCreditFacilitiesTrancheADueDecember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ADDCL Credit Facilities Tranche A Due December 2017</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AddclCreditFacilitiesTrancheCDueDecember2017Member" xlink:label="rig_AddclCreditFacilitiesTrancheCDueDecember2017Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AddclCreditFacilitiesTrancheCDueDecember2017Member" xlink:to="rig_AddclCreditFacilitiesTrancheCDueDecember2017Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AddclCreditFacilitiesTrancheCDueDecember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tranche C component of a senior secured bank credit facility established to finance the construction of and is secured by Discoverer Luanda.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AddclCreditFacilitiesTrancheCDueDecember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Addcl Credit Facilities Tranche C Due December2017 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AddclCreditFacilitiesTrancheCDueDecember2017Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ADDCL Credit Facilities Tranche C Due December 2017</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_EksportfinansNotesDue2018Member" xlink:label="rig_EksportfinansNotesDue2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_EksportfinansNotesDue2018Member" xlink:to="rig_EksportfinansNotesDue2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_EksportfinansNotesDue2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the Eksportfinans notes assumed in connection with the acquisition of Aker Drilling.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_EksportfinansNotesDue2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Eksportfinans Notes Due2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_EksportfinansNotesDue2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Eksportfinans Loans due January 2018</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue6PercentMarch2018Member" xlink:label="rig_SeniorNotesDue6PercentMarch2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue6PercentMarch2018Member" xlink:to="rig_SeniorNotesDue6PercentMarch2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue6PercentMarch2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue6PercentMarch2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due6 Percent March2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue6PercentMarch2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">6.00% Senior Notes due March 2018</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue7.375PercentApril2018Member" xlink:label="rig_SeniorNotesDue7.375PercentApril2018Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue7.375PercentApril2018Member" xlink:to="rig_SeniorNotesDue7.375PercentApril2018Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue7.375PercentApril2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue7.375PercentApril2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due7.375 Percent April2018 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue7.375PercentApril2018Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">7.375% Senior Notes due April 2018</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue6.50PercentNovember2020Member" xlink:label="rig_SeniorNotesDue6.50PercentNovember2020Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue6.50PercentNovember2020Member" xlink:to="rig_SeniorNotesDue6.50PercentNovember2020Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue6.50PercentNovember2020Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A debt instrument, representing a financial security with a fixed interest rate and a stated maturity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue6.50PercentNovember2020Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due6.50 Percent November2020 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue6.50PercentNovember2020Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">6.50% Senior Notes due November 2020</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue6.375PercentDecember2021Member" xlink:label="rig_SeniorNotesDue6.375PercentDecember2021Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue6.375PercentDecember2021Member" xlink:to="rig_SeniorNotesDue6.375PercentDecember2021Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue6.375PercentDecember2021Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue6.375PercentDecember2021Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due6.375 Percent December2021 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue6.375PercentDecember2021Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">6.375% Senior Notes due December 2021</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue3.8PercentOctober2022Member" xlink:label="rig_SeniorNotesDue3.8PercentOctober2022Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue3.8PercentOctober2022Member" xlink:to="rig_SeniorNotesDue3.8PercentOctober2022Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue3.8PercentOctober2022Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue3.8PercentOctober2022Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due3.8 Percent October2022 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue3.8PercentOctober2022Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">3.8% Senior Notes due October 2022</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NotesDue7.45PercentApril2027Member" xlink:label="rig_NotesDue7.45PercentApril2027Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NotesDue7.45PercentApril2027Member" xlink:to="rig_NotesDue7.45PercentApril2027Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NotesDue7.45PercentApril2027Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A debt instrument, representing a financial security with a fixed interest rate and a stated maturity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NotesDue7.45PercentApril2027Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Due7.45 Percent April2027 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NotesDue7.45PercentApril2027Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">7.45% Notes due April 2027</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TpdiNotesPayableDueOctober2019Member" xlink:label="rig_TpdiNotesPayableDueOctober2019Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TpdiNotesPayableDueOctober2019Member" xlink:to="rig_TpdiNotesPayableDueOctober2019Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TpdiNotesPayableDueOctober2019Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total TPDI bank credit agreement established to finance the construction of and is secured by Dhirubhai Deepwater KG1 and Dhirubhai Deepwater KG2.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TpdiNotesPayableDueOctober2019Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tpdi Notes Payable Due October2019 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TpdiNotesPayableDueOctober2019Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">TPDI Notes</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DebenturesDue8PercentApril2027Member" xlink:label="rig_DebenturesDue8PercentApril2027Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DebenturesDue8PercentApril2027Member" xlink:to="rig_DebenturesDue8PercentApril2027Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DebenturesDue8PercentApril2027Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A debt instrument, representing a financial security with a fixed interest rate and a stated maturity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DebenturesDue8PercentApril2027Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debentures Due8 Percent April2027 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DebenturesDue8PercentApril2027Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">8% Debentures due April 2027</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue7PercentJune2028Member" xlink:label="rig_SeniorNotesDue7PercentJune2028Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue7PercentJune2028Member" xlink:to="rig_SeniorNotesDue7PercentJune2028Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue7PercentJune2028Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A debt instrument, representing a financial security with a fixed interest rate and a stated maturity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue7PercentJune2028Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due7 Percent June2028 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue7PercentJune2028Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">7% Notes due June 2028</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CapitalLeaseContractDueAugust2029Member" xlink:label="rig_CapitalLeaseContractDueAugust2029Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CapitalLeaseContractDueAugust2029Member" xlink:to="rig_CapitalLeaseContractDueAugust2029Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CapitalLeaseContractDueAugust2029Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A borrowing recorded for a lease meeting the criteria for capitalization as direct financing lease. A lease is defined as an agreement conveying the right to use property, plant, or equipment (land or depreciable assets) usually for a stated period of time.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CapitalLeaseContractDueAugust2029Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Lease Contract Due August2029 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CapitalLeaseContractDueAugust2029Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital lease contract due August 2029</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NotesDue7.5PercentApril2031Member" xlink:label="rig_NotesDue7.5PercentApril2031Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NotesDue7.5PercentApril2031Member" xlink:to="rig_NotesDue7.5PercentApril2031Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NotesDue7.5PercentApril2031Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A debt instrument, representing a financial security with a fixed interest rate and a stated maturity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NotesDue7.5PercentApril2031Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Due7.5 Percent April2031 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NotesDue7.5PercentApril2031Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">7.5% Notes due April 2031</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConvertibleNotesPayableMember" xlink:label="us-gaap_ConvertibleNotesPayableMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConvertibleNotesPayableMember" xlink:to="us-gaap_ConvertibleNotesPayableMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConvertibleNotesPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Convertible Notes Payable [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConvertibleNotesPayableMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">1.50% Series C Convertible Senior Notes</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeriesCConvertibleSeniorNotesDue1.50PercentDecember2037Member" xlink:label="rig_SeriesCConvertibleSeniorNotesDue1.50PercentDecember2037Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeriesCConvertibleSeniorNotesDue1.50PercentDecember2037Member" xlink:to="rig_SeriesCConvertibleSeniorNotesDue1.50PercentDecember2037Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeriesCConvertibleSeniorNotesDue1.50PercentDecember2037Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A written promise to pay a note which can be exchanged for a specified amount of one or more securities (typically common stock), at the option of the issuer or the holder.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeriesCConvertibleSeniorNotesDue1.50PercentDecember2037Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Series C Convertible Senior Notes Due1.50 Percent December2037 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeriesCConvertibleSeniorNotesDue1.50PercentDecember2037Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">1.50% Series C Convertible Senior Notes due December 2037</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue6.80PercentMarch2038Member" xlink:label="rig_SeniorNotesDue6.80PercentMarch2038Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue6.80PercentMarch2038Member" xlink:to="rig_SeniorNotesDue6.80PercentMarch2038Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue6.80PercentMarch2038Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue6.80PercentMarch2038Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due6.80 Percent March2038 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue6.80PercentMarch2038Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">6.80% Senior Notes due March 2038</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SeniorNotesDue7.35PercentDecember2041Member" xlink:label="rig_SeniorNotesDue7.35PercentDecember2041Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SeniorNotesDue7.35PercentDecember2041Member" xlink:to="rig_SeniorNotesDue7.35PercentDecember2041Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SeniorNotesDue7.35PercentDecember2041Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes with the highest claim on the assets of the issuer in case of bankruptcy or liquidation (with maturities initially due after one year or beyond the operating cycle if longer). Senior note holders are paid off in full before any payments are made to junior note holders.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SeniorNotesDue7.35PercentDecember2041Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Senior Notes Due7.35 Percent December2041 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SeniorNotesDue7.35PercentDecember2041Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">7.35% Senior Notes due December 2041</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FiveYearRevolvingCreditFacilityMember" xlink:label="rig_FiveYearRevolvingCreditFacilityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FiveYearRevolvingCreditFacilityMember" xlink:to="rig_FiveYearRevolvingCreditFacilityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FiveYearRevolvingCreditFacilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Details pertaining to revolving credit facility.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FiveYearRevolvingCreditFacilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Five Year Revolving Credit Facility [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FiveYearRevolvingCreditFacilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Former Five Year Revolving Credit Facility</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AddclSecondaryLoanFacilityDueDecember2015Member" xlink:label="rig_AddclSecondaryLoanFacilityDueDecember2015Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AddclSecondaryLoanFacilityDueDecember2015Member" xlink:to="rig_AddclSecondaryLoanFacilityDueDecember2015Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AddclSecondaryLoanFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Secondary bank credit facility for which one of the Company's subsidiaries provides a percentage of the total commitment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AddclSecondaryLoanFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Addcl Secondary Loan Facility Due December2015 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AddclSecondaryLoanFacilityDueDecember2015Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ADDCL Secondary Loan Facility Due December 2015</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_UncommittedCreditFacilityEstablishedBySubsidiaryMember" xlink:label="rig_UncommittedCreditFacilityEstablishedBySubsidiaryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_UncommittedCreditFacilityEstablishedBySubsidiaryMember" xlink:to="rig_UncommittedCreditFacilityEstablishedBySubsidiaryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_UncommittedCreditFacilityEstablishedBySubsidiaryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">An uncommitted credit facility established by subsidiary.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_UncommittedCreditFacilityEstablishedBySubsidiaryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uncommitted Credit Facility Established By Subsidiary [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_UncommittedCreditFacilityEstablishedBySubsidiaryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Uncommitted Credit Facility Established by Subsidiary</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LineOfCreditMember" xlink:label="us-gaap_LineOfCreditMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditMember" xlink:to="us-gaap_LineOfCreditMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line Of Credit [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Former Three Year Secured Revolving Credit Facility</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AssetsPledgedAsCollateralByTypeAxis" xlink:label="rig_AssetsPledgedAsCollateralByTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AssetsPledgedAsCollateralByTypeAxis" xlink:to="rig_AssetsPledgedAsCollateralByTypeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AssetsPledgedAsCollateralByTypeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">This element represents a number of types (categories) of assets held by the entity for its own account (proprietary securities) pledged to counterparties as collateral.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AssetsPledgedAsCollateralByTypeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Pledged as Collateral by Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AssetsPledgedAsCollateralByTypeDomain" xlink:label="rig_AssetsPledgedAsCollateralByTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AssetsPledgedAsCollateralByTypeDomain" xlink:to="rig_AssetsPledgedAsCollateralByTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AssetsPledgedAsCollateralByTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Description of assets type held by the entity for its own account (proprietary securities) pledged to counterparties as collateral.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AssetsPledgedAsCollateralByTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Pledged As Collateral By Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AssetsPledgedAsCollateralByTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Assets Pledged as Collateral by Type [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeepwaterChampionDiscovererAmericasAndDiscovererInspirationMember" xlink:label="rig_DeepwaterChampionDiscovererAmericasAndDiscovererInspirationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeepwaterChampionDiscovererAmericasAndDiscovererInspirationMember" xlink:to="rig_DeepwaterChampionDiscovererAmericasAndDiscovererInspirationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeepwaterChampionDiscovererAmericasAndDiscovererInspirationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information related to Deepwater Champion, Discoverer Americas and Discoverer Inspiration pledged as collateral against credit facility.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeepwaterChampionDiscovererAmericasAndDiscovererInspirationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Champion Discoverer Americas And Discoverer Inspiration [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeepwaterChampionDiscovererAmericasAndDiscovererInspirationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deepwater Champion, Discoverer Americas and Discoverer Inspiration</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableRateAxis" xlink:label="us-gaap_VariableRateAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateAxis" xlink:to="us-gaap_VariableRateAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableRateAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Rate [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_VariableRateDomain" xlink:label="us-gaap_VariableRateDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_VariableRateDomain" xlink:to="us-gaap_VariableRateDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_VariableRateDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Rate [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_VariableRateDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Variable Rate [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AdjustedLIBORMember" xlink:label="rig_AdjustedLIBORMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AdjustedLIBORMember" xlink:to="rig_AdjustedLIBORMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AdjustedLIBORMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The adjusted London Interbank Offered Rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AdjustedLIBORMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjusted L I B O R [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AdjustedLIBORMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjusted LIBOR</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentLineItems" xlink:label="us-gaap_DebtInstrumentLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentLineItems" xlink:to="us-gaap_DebtInstrumentLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt, net of unamortized discounts, premiums and fair value adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Convertible Senior Notes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract" xlink:label="us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract" xlink:to="us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, by Current and Noncurrent [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtByCurrentAndNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term debt by current and noncurrent</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebt" xlink:label="us-gaap_LongTermDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebt" xlink:to="us-gaap_LongTermDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_LongTermDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtCurrent" xlink:label="us-gaap_LongTermDebtCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtCurrent" xlink:to="us-gaap_LongTermDebtCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Current Maturities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt due within one year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentInterestRateStatedPercentage" xlink:to="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Interest Rate, Stated Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument interest rate stated percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentInterestRateStatedPercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate on notes hedged to reduce exposure to changes in fair value (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions" xlink:to="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiary or Equity Method Investee, Cumulative Percentage Ownership after All Transactions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsidiaryOrEquityMethodInvesteeCumulativePercentageOwnershipAfterAllTransactions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage ownership interest in Transocean Inc. by Transocean Ltd.</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CapitalLeaseObligationMonthlyPayment" xlink:label="rig_CapitalLeaseObligationMonthlyPayment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CapitalLeaseObligationMonthlyPayment" xlink:to="rig_CapitalLeaseObligationMonthlyPayment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CapitalLeaseObligationMonthlyPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount due monthly under capital lease obligation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CapitalLeaseObligationMonthlyPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Lease Obligation, Monthly Payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CapitalLeaseObligationMonthlyPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scheduled monthly payments under capital lease obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentTerm" xlink:label="us-gaap_DebtInstrumentTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentTerm" xlink:to="us-gaap_DebtInstrumentTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit facility term</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit Facility, Maximum Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Borrowing capacity, maximum</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentFaceAmount" xlink:label="us-gaap_DebtInstrumentFaceAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentFaceAmount" xlink:to="us-gaap_DebtInstrumentFaceAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Face Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentFaceAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt instrument face value</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AccruedAndUnpaidInterestAtTimeOfSettlementOfPutOption" xlink:label="rig_AccruedAndUnpaidInterestAtTimeOfSettlementOfPutOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AccruedAndUnpaidInterestAtTimeOfSettlementOfPutOption" xlink:to="rig_AccruedAndUnpaidInterestAtTimeOfSettlementOfPutOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AccruedAndUnpaidInterestAtTimeOfSettlementOfPutOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment for accrued and unpaid interest included in the fair value adjustment of the noncontrolling interest at the time of non-cash settlement of the exchange transaction of the put option agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AccruedAndUnpaidInterestAtTimeOfSettlementOfPutOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued and Unpaid Interest at Time of Settlement of Put Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AccruedAndUnpaidInterestAtTimeOfSettlementOfPutOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued and unpaid interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:label="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis" xlink:to="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Description of Variable Rate Basis</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentDescriptionOfVariableRateBasis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Basis of variable interest rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1" xlink:to="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Basis Spread on Variable Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentBasisSpreadOnVariableRate1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Spread on variable rate basis (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityCommitmentFeePercentage" xlink:to="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit Facility, Commitment Fee Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityCommitmentFeePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commitment fee percentage at period end</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DebtInstrumentCovenantDebtToTangibleCapitalizationRatio" xlink:label="rig_DebtInstrumentCovenantDebtToTangibleCapitalizationRatio" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DebtInstrumentCovenantDebtToTangibleCapitalizationRatio" xlink:to="rig_DebtInstrumentCovenantDebtToTangibleCapitalizationRatio_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DebtInstrumentCovenantDebtToTangibleCapitalizationRatio_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the maximum debt to tangible capitalization ratio.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DebtInstrumentCovenantDebtToTangibleCapitalizationRatio_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Covenant Debt to Tangible Capitalization Ratio</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DebtInstrumentCovenantDebtToTangibleCapitalizationRatio_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt to tangible capitalization ratio</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LineOfCreditFacilityAmountOutstanding" xlink:label="us-gaap_LineOfCreditFacilityAmountOutstanding" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityAmountOutstanding" xlink:to="us-gaap_LineOfCreditFacilityAmountOutstanding_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityAmountOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit Facility, Amount Outstanding</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityAmountOutstanding_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit facility amount outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:label="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity" xlink:to="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Line of Credit Facility, Current Borrowing Capacity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Credit facility available borrowing capacity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LettersOfCreditOutstandingAmount" xlink:label="us-gaap_LettersOfCreditOutstandingAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LettersOfCreditOutstandingAmount" xlink:to="us-gaap_LettersOfCreditOutstandingAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LettersOfCreditOutstandingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Letters of Credit Outstanding, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LettersOfCreditOutstandingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding letters of credit</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LettersOfCreditOutstandingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Letters of credit issued and outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:label="us-gaap_DebtInstrumentRedemptionPricePercentage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentRedemptionPricePercentage" xlink:to="us-gaap_DebtInstrumentRedemptionPricePercentage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentRedemptionPricePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Redemption Price, Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentRedemptionPricePercentage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redemption price of debt instrument (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentCarryingAmount" xlink:label="us-gaap_DebtInstrumentCarryingAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCarryingAmount" xlink:to="us-gaap_DebtInstrumentCarryingAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total debt, excluding unamortized discounts, premiums and fair value adjustments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DebtInstrumentCarryingAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate principal amount outstanding</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AggregateCommitmentOfSubsidiaryInSecuredTermLoan" xlink:label="rig_AggregateCommitmentOfSubsidiaryInSecuredTermLoan" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AggregateCommitmentOfSubsidiaryInSecuredTermLoan" xlink:to="rig_AggregateCommitmentOfSubsidiaryInSecuredTermLoan_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AggregateCommitmentOfSubsidiaryInSecuredTermLoan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The aggregate commitment of a subsidiary in the secured term loan which was established to finance the construction of and is secured by Dhirubhai Deepwater KG1 and Dhirubhai Deepwater KG2.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AggregateCommitmentOfSubsidiaryInSecuredTermLoan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate Commitment of Subsidiary in Secured Term Loan</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AggregateCommitmentOfSubsidiaryInSecuredTermLoan_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate commitment of subsidiary in secured term loan</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DebtDueToSubsidiaryAndEliminatedInConsolidation" xlink:label="rig_DebtDueToSubsidiaryAndEliminatedInConsolidation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DebtDueToSubsidiaryAndEliminatedInConsolidation" xlink:to="rig_DebtDueToSubsidiaryAndEliminatedInConsolidation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DebtDueToSubsidiaryAndEliminatedInConsolidation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount outstanding under Credit Facilities or Notes payable which is due to one of the Company's subsidiaries and is eliminated in consolidation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DebtDueToSubsidiaryAndEliminatedInConsolidation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Due to Subsidiary and Eliminated in Consolidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DebtDueToSubsidiaryAndEliminatedInConsolidation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt due to a subsidiary, eliminated in consolidation</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DebtInstrumentNumberOfWhollyOwnedSubsidiariesAsObligorsToDebt" xlink:label="rig_DebtInstrumentNumberOfWhollyOwnedSubsidiariesAsObligorsToDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DebtInstrumentNumberOfWhollyOwnedSubsidiariesAsObligorsToDebt" xlink:to="rig_DebtInstrumentNumberOfWhollyOwnedSubsidiariesAsObligorsToDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DebtInstrumentNumberOfWhollyOwnedSubsidiariesAsObligorsToDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of wholly-owned subsidiaries which are obligors to debt instrument.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DebtInstrumentNumberOfWhollyOwnedSubsidiariesAsObligorsToDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument Number of Wholly Owned Subsidiaries as Obligors to Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DebtInstrumentNumberOfWhollyOwnedSubsidiariesAsObligorsToDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of wholly-owned subsidiaries which are obligors to debt instrument</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ExtinguishmentOfDebtAmount" xlink:label="us-gaap_ExtinguishmentOfDebtAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ExtinguishmentOfDebtAmount" xlink:to="us-gaap_ExtinguishmentOfDebtAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ExtinguishmentOfDebtAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Extinguishment of Debt, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_ExtinguishmentOfDebtAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate principal amount repaid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_GainsLossesOnExtinguishmentOfDebt" xlink:to="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gains (Losses) on Extinguishment of Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_GainsLossesOnExtinguishmentOfDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Gain (loss) on termination of debt</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PaymentToSubsidiaryOutOfRepaymentOfDebtAndEliminatedInConsolidation" xlink:label="rig_PaymentToSubsidiaryOutOfRepaymentOfDebtAndEliminatedInConsolidation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PaymentToSubsidiaryOutOfRepaymentOfDebtAndEliminatedInConsolidation" xlink:to="rig_PaymentToSubsidiaryOutOfRepaymentOfDebtAndEliminatedInConsolidation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PaymentToSubsidiaryOutOfRepaymentOfDebtAndEliminatedInConsolidation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of payment made to one of the entity's subsidiaries out of repayment of credit facilities and is eliminated in consolidation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PaymentToSubsidiaryOutOfRepaymentOfDebtAndEliminatedInConsolidation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment to Subsidiary Out of Repayment of Debt and Eliminated in Consolidation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PaymentToSubsidiaryOutOfRepaymentOfDebtAndEliminatedInConsolidation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payment made to a subsidiary out of repayment of debt, eliminated in consolidation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RestrictedInvestments" xlink:label="us-gaap_RestrictedInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RestrictedInvestments" xlink:to="us-gaap_RestrictedInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RestrictedInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RestrictedInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted investments used as security for debt instruments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_RestrictedInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted cash investments</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NOKExchangeRate" xlink:label="rig_NOKExchangeRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NOKExchangeRate" xlink:to="rig_NOKExchangeRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NOKExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the exchange rate at the end of the period used to convert the Norwegian kroner currency into one U.S. dollar.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NOKExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NOK Exchange Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NOKExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">NOK exchange rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RepaymentsOfDebt" xlink:label="us-gaap_RepaymentsOfDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfDebt" xlink:to="us-gaap_RepaymentsOfDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RepaymentsOfDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate cash payment made for debt repurchased</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesProvidingPercentageOfCommitment" xlink:label="rig_NumberOfSubsidiariesProvidingPercentageOfCommitment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesProvidingPercentageOfCommitment" xlink:to="rig_NumberOfSubsidiariesProvidingPercentageOfCommitment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesProvidingPercentageOfCommitment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries providing a percentage of commitment under loan facility</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesProvidingPercentageOfCommitment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Providing Percentage of Commitment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesProvidingPercentageOfCommitment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries providing percentage of commitment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_RestrictedCashAndCashEquivalentsFixedInterestRate" xlink:label="rig_RestrictedCashAndCashEquivalentsFixedInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_RestrictedCashAndCashEquivalentsFixedInterestRate" xlink:to="rig_RestrictedCashAndCashEquivalentsFixedInterestRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_RestrictedCashAndCashEquivalentsFixedInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the fixed interest rate on restricted cash investments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_RestrictedCashAndCashEquivalentsFixedInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Restricted Cash and Cash Equivalents Fixed Interest Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_RestrictedCashAndCashEquivalentsFixedInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed interest rate on restricted cash investments (as a percent)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ImplicitInterestRate" xlink:label="rig_ImplicitInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ImplicitInterestRate" xlink:to="rig_ImplicitInterestRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ImplicitInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the implicit interest rate under capital lease contract.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ImplicitInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Implicit Interest Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ImplicitInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Implicit interest rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeaseObligationsIncurred" xlink:label="us-gaap_CapitalLeaseObligationsIncurred" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeaseObligationsIncurred" xlink:to="us-gaap_CapitalLeaseObligationsIncurred_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeaseObligationsIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Lease Obligations Incurred</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeaseObligationsIncurred_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset capitalized under capital leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentCollateralAmount" xlink:label="us-gaap_DebtInstrumentCollateralAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentCollateralAmount" xlink:to="us-gaap_DebtInstrumentCollateralAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentCollateralAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Collateral Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DebtInstrumentCollateralAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate carrying amount assets pledged</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RepaymentsOfConvertibleDebt" xlink:label="us-gaap_RepaymentsOfConvertibleDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RepaymentsOfConvertibleDebt" xlink:to="us-gaap_RepaymentsOfConvertibleDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RepaymentsOfConvertibleDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Repayments of Convertible Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RepaymentsOfConvertibleDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate cash payments to redeem debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestExpenseDebt" xlink:label="us-gaap_InterestExpenseDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestExpenseDebt" xlink:to="us-gaap_InterestExpenseDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestExpenseDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Expense, Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestExpenseDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MaturitiesOfLongTermDebtAbstract" xlink:label="us-gaap_MaturitiesOfLongTermDebtAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MaturitiesOfLongTermDebtAbstract" xlink:to="us-gaap_MaturitiesOfLongTermDebtAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MaturitiesOfLongTermDebtAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturities of Long-term Debt [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MaturitiesOfLongTermDebtAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scheduled maturities of debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Next Rolling Twelve Months</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextRollingTwelveMonths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2015</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Rolling Year Two</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2016</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Rolling Year Three</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearThree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Rolling Year Four</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFour_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Rolling Year Five</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingYearFive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2019</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive" xlink:to="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Maturities, Repayments of Principal in Rolling after Year Five</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInRollingAfterYearFive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Thereafter</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet" xlink:to="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Instrument, Unamortized Discount (Premium), Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DebtInstrumentUnamortizedDiscountPremiumNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total unamortized discounts, premiums and fair value adjustments, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable" xlink:to="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipByIncomeStatementLocationByDerivativeInstrumentRiskTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Instruments, Gain (Loss) [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CrossCurrencyInterestRateContractMember" xlink:label="us-gaap_CrossCurrencyInterestRateContractMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CrossCurrencyInterestRateContractMember" xlink:to="us-gaap_CrossCurrencyInterestRateContractMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CrossCurrencyInterestRateContractMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cross Currency Interest Rate Contract [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CrossCurrencyInterestRateContractMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cross-currency swaps</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis" xlink:to="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DerivativeInstrumentsGainLossByHedgingRelationshipAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging Relationship [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_HedgingRelationshipDomain" xlink:label="us-gaap_HedgingRelationshipDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_HedgingRelationshipDomain" xlink:to="us-gaap_HedgingRelationshipDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_HedgingRelationshipDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging Relationship [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_HedgingRelationshipDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hedging Relationship [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueHedgingMember" xlink:label="us-gaap_FairValueHedgingMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueHedgingMember" xlink:to="us-gaap_FairValueHedgingMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueHedgingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Hedging [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueHedgingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value hedges</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashFlowHedgingMember" xlink:label="us-gaap_CashFlowHedgingMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowHedgingMember" xlink:to="us-gaap_CashFlowHedgingMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowHedgingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flow Hedging [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashFlowHedgingMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash flow hedges</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DerivativePayAndReceiveAxis" xlink:label="rig_DerivativePayAndReceiveAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DerivativePayAndReceiveAxis" xlink:to="rig_DerivativePayAndReceiveAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DerivativePayAndReceiveAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Summarization of pay and receive amounts and related rates of the derivatives.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DerivativePayAndReceiveAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Pay and Receive [Axis]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DerivativePayAndReceiveDomain" xlink:label="rig_DerivativePayAndReceiveDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DerivativePayAndReceiveDomain" xlink:to="rig_DerivativePayAndReceiveDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DerivativePayAndReceiveDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information pertaining to amounts the entity is obligated to pay and the amount it is entitled to receive in derivative transaction. The information also includes the related rates in the derivative transactions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DerivativePayAndReceiveDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Pay And Receive [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DerivativePayAndReceiveDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Pay and Receive [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DerivativePayMember" xlink:label="rig_DerivativePayMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DerivativePayMember" xlink:to="rig_DerivativePayMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DerivativePayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount payable and the related rate in a derivative transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DerivativePayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Pay [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DerivativePayMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pay</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DerivativeReceiveMember" xlink:label="rig_DerivativeReceiveMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DerivativeReceiveMember" xlink:to="rig_DerivativeReceiveMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DerivativeReceiveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount receivable and the related rate in a derivative transaction.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DerivativeReceiveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Derivative Receive [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DerivativeReceiveMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Receive</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BalanceSheetLocationAxis" xlink:label="us-gaap_BalanceSheetLocationAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationAxis" xlink:to="us-gaap_BalanceSheetLocationAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BalanceSheetLocationAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance Sheet Location [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BalanceSheetLocationDomain" xlink:label="us-gaap_BalanceSheetLocationDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BalanceSheetLocationDomain" xlink:to="us-gaap_BalanceSheetLocationDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_BalanceSheetLocationDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance Sheet Location [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_BalanceSheetLocationDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance Sheet Location [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherAssetsMember" xlink:label="us-gaap_OtherAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherAssetsMember" xlink:to="us-gaap_OtherAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherCurrentAssetsMember" xlink:label="us-gaap_OtherCurrentAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherCurrentAssetsMember" xlink:to="us-gaap_OtherCurrentAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherCurrentAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Current Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherCurrentAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementLocationAxis" xlink:label="us-gaap_IncomeStatementLocationAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationAxis" xlink:to="us-gaap_IncomeStatementLocationAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementLocationAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Statement Location [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeStatementLocationDomain" xlink:label="us-gaap_IncomeStatementLocationDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeStatementLocationDomain" xlink:to="us-gaap_IncomeStatementLocationDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Statement Location [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeStatementLocationDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Statement Location [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherExpenseMember" xlink:label="us-gaap_OtherExpenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherExpenseMember" xlink:to="us-gaap_OtherExpenseMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherExpenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Expense [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherExpenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other expense, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestExpenseMember" xlink:label="us-gaap_InterestExpenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xlink:label="us-gaap_ScheduleOfDefinedBenefitPlansDisclosuresTable" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlansNumberOfOtherUnfundedSupplementalBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of other unfunded supplemental benefit plans</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlansNumberOfFundedDefinedBenefitPlansAssumedInMergersAndAcquisitions" xlink:label="rig_DefinedBenefitPlansNumberOfFundedDefinedBenefitPlansAssumedInMergersAndAcquisitions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedBenefitPlansNumberOfFundedDefinedBenefitPlansAssumedInMergersAndAcquisitions" xlink:to="rig_DefinedBenefitPlansNumberOfFundedDefinedBenefitPlansAssumedInMergersAndAcquisitions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlansNumberOfFundedDefinedBenefitPlansAssumedInMergersAndAcquisitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of funded defined benefit plans assumed in mergers and acquisitions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlansNumberOfFundedDefinedBenefitPlansAssumedInMergersAndAcquisitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plans, Number of Funded Defined Benefit Plans Assumed in Mergers and Acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlansNumberOfFundedDefinedBenefitPlansAssumedInMergersAndAcquisitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of funded defined benefit plans assumed in mergers and acquisitions</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlansAssumedInMergersAndAcquisitions" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlansAssumedInMergersAndAcquisitions" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlansAssumedInMergersAndAcquisitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of unfunded defined benefit plans assumed in mergers and acquisitions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlansAssumedInMergersAndAcquisitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plans, Number of Unfunded Defined Benefit Plans Assumed in Mergers and Acquisitions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlansAssumedInMergersAndAcquisitions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of unfunded defined benefit plans assumed in mergers and acquisitions</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlans" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlans" xlink:to="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of unfunded defined benefit plans of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plans, Number of Unfunded Defined Benefit Plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedDefinedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of unfunded defined benefit plans</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlansNumberOfFundedBenefitPlans" xlink:label="rig_DefinedBenefitPlansNumberOfFundedBenefitPlans" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedBenefitPlansNumberOfFundedBenefitPlans" xlink:to="rig_DefinedBenefitPlansNumberOfFundedBenefitPlans_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlansNumberOfFundedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of funded defined benefit plans.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlansNumberOfFundedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plans, Number of Funded Benefit Plans</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlansNumberOfFundedBenefitPlans_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of funded benefit plans</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlansNumberOfUnfundedSupplementalBenefitPlansCoveredUnderBenefitsFreeze" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedSupplementalBenefitPlansCoveredUnderBenefitsFreeze" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedSupplementalBenefitPlansCoveredUnderBenefitsFreeze_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of unfunded supplemental benefit plans covered under benefits freeze.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedSupplementalBenefitPlansCoveredUnderBenefitsFreeze_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plans Number Of Unfunded Supplemental Benefit Plans Covered Under Benefits Freeze</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedSupplementalBenefitPlansCoveredUnderBenefitsFreeze_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of unfunded supplemental benefit plans covered under benefits freeze</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlansNumberOfUnfundedBenefitPlansThatRecognizedSettlementAndCurtailmentCharges" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedBenefitPlansThatRecognizedSettlementAndCurtailmentCharges" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedBenefitPlansNumberOfUnfundedBenefitPlansThatRecognizedSettlementAndCurtailmentCharges" xlink:to="rig_DefinedBenefitPlansNumberOfUnfundedBenefitPlansThatRecognizedSettlementAndCurtailmentCharges_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedBenefitPlansThatRecognizedSettlementAndCurtailmentCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of unfunded defined benefit plans that recognized settlement and curtailment charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedBenefitPlansThatRecognizedSettlementAndCurtailmentCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plans Number of Unfunded Benefit Plans That Recognized Settlement and Curtailment Charges</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlansNumberOfUnfundedBenefitPlansThatRecognizedSettlementAndCurtailmentCharges_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of unfunded defined plans that recognized settlement and curtailment charges</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlanChangeInLiabilityFromMortalityAssumptions" xlink:label="rig_DefinedBenefitPlanChangeInLiabilityFromMortalityAssumptions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedBenefitPlanChangeInLiabilityFromMortalityAssumptions" xlink:to="rig_DefinedBenefitPlanChangeInLiabilityFromMortalityAssumptions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlanChangeInLiabilityFromMortalityAssumptions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of change in benefit obligation resulting from changes in actuarial mortality assumptions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlanChangeInLiabilityFromMortalityAssumptions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Change In Liability From Mortality Assumptions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlanChangeInLiabilityFromMortalityAssumptions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in measured liability from change in mortality assumptions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xlink:label="us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Benefit Obligation [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingBenefitObligationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average assumptions used to determine benefit obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Discount Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationDiscountRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discount rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Assumptions Used Calculating Benefit Obligation, Rate of Compensation Increase</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingBenefitObligationRateOfCompensationIncrease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation trend rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xlink:label="us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Weighted Average Assumptions Used in Calculating Net Periodic Benefit Cost [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanWeightedAverageAssumptionsUsedInCalculatingNetPeriodicBenefitCostAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted-average assumptions used to determine net periodic benefit costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Discount Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostDiscountRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Discount rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostExpectedLongTermReturnOnAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expected rate of return (as a percent)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Assumptions Used Calculating Net Periodic Benefit Cost, Rate of Compensation Increase</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Compensation trend rate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear" xlink:label="us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanHealthCareCostTrendRateAssumedForNextFiscalYear_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Health care cost trend rate, initial (as a percent)</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanUltimateHealthCareCostTrendRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Health care cost trend rate, ultimate (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:label="us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward" xlink:to="us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanChangeInBenefitObligationRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in projected benefit obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitObligation" xlink:label="us-gaap_DefinedBenefitPlanBenefitObligation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanBenefitObligation" xlink:to="us-gaap_DefinedBenefitPlanBenefitObligation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanBenefitObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Benefit Obligation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_DefinedBenefitPlanBenefitObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Projected benefit obligation, end of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_DefinedBenefitPlanBenefitObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Projected benefit obligation, beginning of period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:label="us-gaap_DefinedBenefitPlanActuarialGainLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanActuarialGainLoss" xlink:to="us-gaap_DefinedBenefitPlanActuarialGainLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanActuarialGainLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Actuarial Gain (Loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DefinedBenefitPlanActuarialGainLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actuarial (gains) losses, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanServiceCost" xlink:label="us-gaap_DefinedBenefitPlanServiceCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanServiceCost" xlink:to="us-gaap_DefinedBenefitPlanServiceCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanServiceCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Service Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanServiceCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Service cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanInterestCost" xlink:label="us-gaap_DefinedBenefitPlanInterestCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanInterestCost" xlink:to="us-gaap_DefinedBenefitPlanInterestCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanInterestCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Interest Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanInterestCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation" xlink:label="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation" xlink:to="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Foreign Currency Exchange Rate Gain (Loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesBenefitObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency exchange rate changes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanBenefitsPaid" xlink:label="us-gaap_DefinedBenefitPlanBenefitsPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanBenefitsPaid" xlink:to="us-gaap_DefinedBenefitPlanBenefitsPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanBenefitsPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Benefits Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DefinedBenefitPlanBenefitsPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Benefits paid</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanContributionsByPlanParticipants" xlink:label="us-gaap_DefinedBenefitPlanContributionsByPlanParticipants" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanContributionsByPlanParticipants" xlink:to="us-gaap_DefinedBenefitPlanContributionsByPlanParticipants_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanContributionsByPlanParticipants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Contributions by Plan Participants</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanContributionsByPlanParticipants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Participant contributions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanSpecialTerminationBenefits" xlink:label="us-gaap_DefinedBenefitPlanSpecialTerminationBenefits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanSpecialTerminationBenefits" xlink:to="us-gaap_DefinedBenefitPlanSpecialTerminationBenefits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanSpecialTerminationBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Special Termination Benefits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DefinedBenefitPlanSpecialTerminationBenefits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Special termination benefits</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedBenefitPlanSettlementsAndCurtailmentsBenefitObligationPlanAssets" xlink:label="rig_DefinedBenefitPlanSettlementsAndCurtailmentsBenefitObligationPlanAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedBenefitPlanSettlementsAndCurtailmentsBenefitObligationPlanAssets" xlink:to="rig_DefinedBenefitPlanSettlementsAndCurtailmentsBenefitObligationPlanAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedBenefitPlanSettlementsAndCurtailmentsBenefitObligationPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The amount of decrease that relates to an irrevocable action that relieves the employer (or the plan) of the primary responsibility for a benefit obligation and eliminates significant risks related to the obligation and the assets used to effect the settlement. Examples of transactions that constitute a settlement include (a) making lump-sum cash payments to plan participants in exchange for their rights to receive specified benefits and (b) purchasing nonparticipating annuity contracts. It also includes the amount of decrease that is related to an event that significantly reduces the expected years of future service of present employees or eliminates for a significant number of employees the accrual of defined benefits for some or all of their future services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedBenefitPlanSettlementsAndCurtailmentsBenefitObligationPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan Settlements and Curtailments Benefit Obligation Plan Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedBenefitPlanSettlementsAndCurtailmentsBenefitObligationPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Settlements and curtailments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:label="us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward" xlink:to="us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanChangeInFairValueOfPlanAssetsRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in plan assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:label="us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanFairValueOfPlanAssets" xlink:to="us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Fair Value of Plan Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of plan assets, end of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of plan assets, beginning of period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanFairValueOfPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:label="us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets" xlink:to="us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Actual Return on Plan Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanActualReturnOnPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actual return on plan assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets" xlink:label="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets" xlink:to="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Foreign Currency Exchange Rate Changes, Plan Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DefinedBenefitPlanForeignCurrencyExchangeRateChangesPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Currency exchange rate changes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:label="us-gaap_DefinedBenefitPlanContributionsByEmployer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanContributionsByEmployer" xlink:to="us-gaap_DefinedBenefitPlanContributionsByEmployer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanContributionsByEmployer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Contributions by Employer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanContributionsByEmployer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employer contributions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xlink:label="us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Amounts Recognized in Balance Sheet [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanAmountsRecognizedInBalanceSheetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance sheet classification, end of period:</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xlink:label="us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued pension liability, current</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xlink:label="us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension and Other Postretirement Defined Benefit Plans, Liabilities, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued pension liability, non-current</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:label="us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax" xlink:to="us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension and Other Postretirement Benefit Plans, Accumulated Other Comprehensive Income (Loss), before Tax</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated other comprehensive income (loss)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:label="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate projected benefit obligation and fair value of plan assets for plans with a projected benefit obligation in excess of plan assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateBenefitObligation" xlink:label="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateBenefitObligation" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateBenefitObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Benefit Obligation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateBenefitObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Projected benefit obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:label="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:to="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Plans with Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanPlansWithBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of plan assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AccumulatedBenefitObligationForAllDefinedBenefitPensionPlansAbstract" xlink:label="rig_AccumulatedBenefitObligationForAllDefinedBenefitPensionPlansAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AccumulatedBenefitObligationForAllDefinedBenefitPensionPlansAbstract" xlink:to="rig_AccumulatedBenefitObligationForAllDefinedBenefitPensionPlansAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AccumulatedBenefitObligationForAllDefinedBenefitPensionPlansAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Benefit Obligation for All Defined Benefit Pension Plans [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AccumulatedBenefitObligationForAllDefinedBenefitPensionPlansAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated benefit obligation for all defined benefit pension plans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:label="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract" xlink:to="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate accumulated benefit obligation and fair value of plan assets for plans with an accumulated benefit obligation in excess of plan assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:label="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation" xlink:to="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Accumulated Benefit Obligation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateAccumulatedBenefitObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated benefit obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:label="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets" xlink:to="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Pension Plans with Accumulated Benefit Obligations in Excess of Plan Assets, Aggregate Fair Value of Plan Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanPensionPlansWithAccumulatedBenefitObligationsInExcessOfPlanAssetsAggregateFairValueOfPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of plan assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PensionPlansDefinedBenefitMember" xlink:label="us-gaap_PensionPlansDefinedBenefitMember" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PensionPlansDefinedBenefitMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Pension Plans Defined Benefit [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PensionPlansDefinedBenefitMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Plans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xlink:label="us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanByPlanAssetCategoriesAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Asset Categories [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PlanAssetCategoriesDomain" xlink:label="us-gaap_PlanAssetCategoriesDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PlanAssetCategoriesDomain" xlink:to="us-gaap_PlanAssetCategoriesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PlanAssetCategoriesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Plan Asset Categories [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PlanAssetCategoriesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Plan Asset Categories [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MutualFundsMember" xlink:label="rig_MutualFundsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MutualFundsMember" xlink:to="rig_MutualFundsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MutualFundsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the investments in mutual funds.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MutualFundsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mutual Funds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MutualFundsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Mutual funds</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DomesticEquityFundsMember" xlink:label="rig_DomesticEquityFundsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DomesticEquityFundsMember" xlink:to="rig_DomesticEquityFundsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DomesticEquityFundsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the investments in domestic equity funds.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DomesticEquityFundsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.S. equity funds</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ForeignEquitySecuritiesMember" xlink:label="rig_ForeignEquitySecuritiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ForeignEquitySecuritiesMember" xlink:to="rig_ForeignEquitySecuritiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ForeignEquitySecuritiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-U.S. equity funds</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_BondsMember" xlink:label="us-gaap_BondsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_BondsMember" xlink:to="us-gaap_BondsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DebtSecuritiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt Securities [Member]</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherInvestmentsMember" xlink:to="us-gaap_OtherInvestmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Investments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherInvestmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other investments</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsMember" xlink:to="us-gaap_CashAndCashEquivalentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash And Cash Equivalents [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and money market funds</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RealEstateMember" xlink:label="us-gaap_RealEstateMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RealEstateMember" xlink:to="us-gaap_RealEstateMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RealEstateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Real Estate [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RealEstateMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property collective trusts</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InvestmentContractMember" xlink:label="rig_InvestmentContractMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InvestmentContractMember" xlink:to="rig_InvestmentContractMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InvestmentContractMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Details pertaining to investment contracts entered into by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InvestmentContractMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment Contract [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InvestmentContractMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment contracts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EquitySecuritiesMember" xlink:label="us-gaap_EquitySecuritiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquitySecuritiesMember" xlink:to="us-gaap_EquitySecuritiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquitySecuritiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Securities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquitySecuritiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity securities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByFairValueHierarchyLevelAxis" xlink:to="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByFairValueHierarchyLevelAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value, Hierarchy [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueMeasurementsFairValueHierarchyDomain" xlink:to="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurements Fair Value Hierarchy [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueMeasurementsFairValueHierarchyDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Hierarchy [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueInputsLevel1Member" xlink:label="us-gaap_FairValueInputsLevel1Member" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueInputsLevel1Member" xlink:to="us-gaap_FairValueInputsLevel1Member_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Inputs Level1 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel1Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant observable inputs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueInputsLevel2Member" xlink:label="us-gaap_FairValueInputsLevel2Member" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Inputs Level2 [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueInputsLevel2Member_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant other observable inputs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract" xlink:label="us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Assets, Target Allocations [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanAssetsTargetAllocationsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted-average target allocations of the investments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanTargetPlanAssetAllocations" xlink:label="us-gaap_DefinedBenefitPlanTargetPlanAssetAllocations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanTargetPlanAssetAllocations" xlink:to="us-gaap_DefinedBenefitPlanTargetPlanAssetAllocations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanTargetPlanAssetAllocations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Target Plan Asset Allocations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanTargetPlanAssetAllocations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total target allocation percentage</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:label="us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations" xlink:to="us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Actual Plan Asset Allocations</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanWeightedAverageAssetAllocations_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total actual allocation percentage</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedContributionPlanFairValueOfPlanAssetsAbstract" xlink:label="rig_DefinedContributionPlanFairValueOfPlanAssetsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedContributionPlanFairValueOfPlanAssetsAbstract" xlink:to="rig_DefinedContributionPlanFairValueOfPlanAssetsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedContributionPlanFairValueOfPlanAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Plan Fair Value of Plan Assets [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedContributionPlanFairValueOfPlanAssetsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value of plan assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:label="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract" xlink:to="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Net Periodic Benefit Cost [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net periodic benefit costs, before tax</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:label="us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets" xlink:to="us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Expected Return on Plan Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expected return on plan assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1" xlink:label="us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1" xlink:to="us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Recognized Net Gain (Loss) Due to Settlements and Curtailments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DefinedBenefitPlanRecognizedNetGainLossDueToSettlementsAndCurtailments1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Settlements and curtailments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:label="us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses" xlink:to="us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Amortization of Gains (Losses)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actuarial losses, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:label="us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit" xlink:to="us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Plan, Amortization of Prior Service Cost (Credit)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Prior service cost, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract" xlink:label="us-gaap_DefinedBenefitPlanAccumulatedOtherComprehensiveIncomeBeforeTaxAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PensionAndOtherPostretirementBenefitContributionsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined benefit plan contributions funded by cash flows from operations</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanEstimatedFutureBenefitPaymentsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Projected pension benefits payments</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2016</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearThree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2017</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFour_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2018</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsYearFive_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2019</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPlanExpectedFutureBenefitPaymentsFiveFiscalYearsThereafter_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2020-2024</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedContributionBenefitPlansDisclosureBenefitPlansAxis" xlink:to="rig_DefinedContributionBenefitPlansDisclosureBenefitPlansAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedContributionBenefitPlansDisclosureBenefitPlansAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosures about defined contribution plan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedContributionBenefitPlansDisclosureBenefitPlansAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Benefit Plans Disclosure Benefit Plans [Axis]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedContributionBenefitPlansDomain" xlink:label="rig_DefinedContributionBenefitPlansDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedContributionBenefitPlansDomain" xlink:to="rig_DefinedContributionBenefitPlansDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedContributionBenefitPlansDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The name of the defined contribution plan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedContributionBenefitPlansDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Benefit Plans [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedContributionBenefitPlansDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Benefit Plans [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_UnitedStatesAndForeignDefinedContributionSavingsPlansMember" xlink:label="rig_UnitedStatesAndForeignDefinedContributionSavingsPlansMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_UnitedStatesAndForeignDefinedContributionSavingsPlansMember" xlink:to="rig_UnitedStatesAndForeignDefinedContributionSavingsPlansMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_UnitedStatesAndForeignDefinedContributionSavingsPlansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the defined contribution savings plan for employees working in United States and Outside United States and United Kingdom.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_UnitedStatesAndForeignDefinedContributionSavingsPlansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">United States And Foreign Defined Contribution Savings Plans [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_UnitedStatesAndForeignDefinedContributionSavingsPlansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.S. Savings Plan and the Non-U.S. Savings Plan</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_UnitedStatesDefinedContributionSavingsPlansMember" xlink:label="rig_UnitedStatesDefinedContributionSavingsPlansMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_UnitedStatesDefinedContributionSavingsPlansMember" xlink:to="rig_UnitedStatesDefinedContributionSavingsPlansMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_UnitedStatesDefinedContributionSavingsPlansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the defined contribution savings plan for employees working in United States.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_UnitedStatesDefinedContributionSavingsPlansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">United States Defined Contribution Savings Plans [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_UnitedStatesDefinedContributionSavingsPlansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.S. Savings Plan</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ForeignDefinedContributionSavingsPlansMember" xlink:label="rig_ForeignDefinedContributionSavingsPlansMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ForeignDefinedContributionSavingsPlansMember" xlink:to="rig_ForeignDefinedContributionSavingsPlansMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ForeignDefinedContributionSavingsPlansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the defined contribution plan for employees working outside U.S. and U.K.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ForeignDefinedContributionSavingsPlansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Foreign Defined Contribution Savings Plans [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ForeignDefinedContributionSavingsPlansMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-U.S. Savings Plan</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedContributionBenefitPlansLineItems" xlink:label="rig_DefinedContributionBenefitPlansLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedContributionBenefitPlansLineItems" xlink:to="rig_DefinedContributionBenefitPlansLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedContributionBenefitPlansLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Benefit Plans [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedContributionBenefitPlansLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined contribution plans</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedContributionBenefitPlansNumberOfDefinedContributionPlansSponsoredByCompany" xlink:label="rig_DefinedContributionBenefitPlansNumberOfDefinedContributionPlansSponsoredByCompany" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedContributionBenefitPlansNumberOfDefinedContributionPlansSponsoredByCompany" xlink:to="rig_DefinedContributionBenefitPlansNumberOfDefinedContributionPlansSponsoredByCompany_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedContributionBenefitPlansNumberOfDefinedContributionPlansSponsoredByCompany_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of defined contribution benefit plans sponsored by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedContributionBenefitPlansNumberOfDefinedContributionPlansSponsoredByCompany_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Benefit Plans Number of Defined Contribution Plans Sponsored by Company</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedContributionBenefitPlansNumberOfDefinedContributionPlansSponsoredByCompany_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of defined contribution plans sponsored by the entity (in plans)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xlink:label="us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent" xlink:to="us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedContributionPlanEmployerMatchingContributionPercent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Matching contribution as a percentage of participant's base salary</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DefinedContributionPlanAdditionalEmployerMatchingContributionPercentageBasedOnParticipantYearsOfEligibleService" xlink:label="rig_DefinedContributionPlanAdditionalEmployerMatchingContributionPercentageBasedOnParticipantYearsOfEligibleService" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DefinedContributionPlanAdditionalEmployerMatchingContributionPercentageBasedOnParticipantYearsOfEligibleService" xlink:to="rig_DefinedContributionPlanAdditionalEmployerMatchingContributionPercentageBasedOnParticipantYearsOfEligibleService_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DefinedContributionPlanAdditionalEmployerMatchingContributionPercentageBasedOnParticipantYearsOfEligibleService_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of employee's gross pay, based on the employee's years of eligible service for which the employer contributes a matching contribution to a defined contribution plan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DefinedContributionPlanAdditionalEmployerMatchingContributionPercentageBasedOnParticipantYearsOfEligibleService_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Plan Additional Employer Matching Contribution Percentage Based on Participant Years of Eligible Service</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DefinedContributionPlanAdditionalEmployerMatchingContributionPercentageBasedOnParticipantYearsOfEligibleService_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional matching contribution as a percentage of participant's base salary</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedContributionPensionAndOtherPostretirementPlansDisclosureAbstract" xlink:label="us-gaap_DefinedContributionPensionAndOtherPostretirementPlansDisclosureAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedContributionPensionAndOtherPostretirementPlansDisclosureAbstract" xlink:to="us-gaap_DefinedContributionPensionAndOtherPostretirementPlansDisclosureAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedContributionPensionAndOtherPostretirementPlansDisclosureAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedContributionPensionAndOtherPostretirementPlansDisclosureAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contribution to plan recognized during the period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedContributionPlanCostRecognized" xlink:label="us-gaap_DefinedContributionPlanCostRecognized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedContributionPlanCostRecognized" xlink:to="us-gaap_DefinedContributionPlanCostRecognized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedContributionPlanCostRecognized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Contribution Plan, Cost Recognized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedContributionPlanCostRecognized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contribution expense</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LeaseAndRentalExpense" xlink:label="us-gaap_LeaseAndRentalExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LeaseAndRentalExpense" xlink:to="us-gaap_LeaseAndRentalExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LeaseAndRentalExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Rent Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LeaseAndRentalExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rental expenses for all leases, including leases with terms of less than one year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesIncomeStatementAmortizationExpense" xlink:label="us-gaap_CapitalLeasesIncomeStatementAmortizationExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesIncomeStatementAmortizationExpense" xlink:to="us-gaap_CapitalLeasesIncomeStatementAmortizationExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesIncomeStatementAmortizationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Income Statement, Amortization Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesIncomeStatementAmortizationExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Depreciation expense for assets held under capital lease</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNetLesseeBalanceSheetAbstract" xlink:label="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNetLesseeBalanceSheetAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNetLesseeBalanceSheetAbstract" xlink:to="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNetLesseeBalanceSheetAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNetLesseeBalanceSheetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Balance Sheet, Assets by Major Class, Net [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNetLesseeBalanceSheetAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate carrying amount of assets held under capital lease</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasedAssetsGross" xlink:label="us-gaap_CapitalLeasedAssetsGross" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasedAssetsGross" xlink:to="us-gaap_CapitalLeasedAssetsGross_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasedAssetsGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leased Assets, Gross</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasedAssetsGross_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and equipment, cost</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation" xlink:label="us-gaap_CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation" xlink:to="us-gaap_CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedDeprecation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated depreciation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet" xlink:label="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet" xlink:to="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Balance Sheet, Assets by Major Class, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CapitalLeasesBalanceSheetAssetsByMajorClassNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Property and equipment, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsDueAbstract" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsDueAbstract" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsDueAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital lease, future minimum rental payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsDueCurrent" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsDueCurrent" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsDueCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments Due, Next Twelve Months</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2015</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInTwoYears" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInTwoYears" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments Due in Two Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2016</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInThreeYears" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInThreeYears" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments Due in Three Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFourYears" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFourYears" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFourYears_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFourYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments Due in Four Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFourYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFiveYears" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFiveYears" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFiveYears_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFiveYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments Due in Five Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueInFiveYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2019</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsDueThereafter" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueThereafter" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsDueThereafter" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsDueThereafter_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueThereafter_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments Due Thereafter</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDueThereafter_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Thereafter</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsDue" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsDue" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsDue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments Due</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsDue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total future minimum rental payment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments, Interest Included in Payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsInterestIncludedInPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Less amount representing imputed interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments" xlink:to="us-gaap_CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Leases, Future Minimum Payments, Present Value of Net Minimum Payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_CapitalLeasesFutureMinimumPaymentsPresentValueOfNetMinimumPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Present value of future minimum rental payments under capital leases</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeaseObligationsCurrent" xlink:label="us-gaap_CapitalLeaseObligationsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeaseObligationsCurrent" xlink:to="us-gaap_CapitalLeaseObligationsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeaseObligationsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Lease Obligations, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_CapitalLeaseObligationsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Less current portion included in debt due within one year</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalLeaseObligationsNoncurrent" xlink:label="us-gaap_CapitalLeaseObligationsNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalLeaseObligationsNoncurrent" xlink:to="us-gaap_CapitalLeaseObligationsNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalLeaseObligationsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Lease Obligations, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalLeaseObligationsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term capital lease obligation</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating leases, future minimum rental payments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Future Minimum Payments Due, Next Twelve Months</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2015</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Future Minimum Payments, Due in Two Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInTwoYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2016</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Future Minimum Payments, Due in Three Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInThreeYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Future Minimum Payments, Due in Four Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFourYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Future Minimum Payments, Due in Five Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueInFiveYears_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2019</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Future Minimum Payments, Due Thereafter</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDueThereafter_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Thereafter</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OperatingLeasesFutureMinimumPaymentsDue" xlink:to="us-gaap_OperatingLeasesFutureMinimumPaymentsDue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Leases, Future Minimum Payments Due</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_OperatingLeasesFutureMinimumPaymentsDue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total future minimum rental payment</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationTable" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationTable" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligation [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationByCategoryOfItemPurchasedAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligation by Category of Item Purchased [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xlink:label="us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain" xlink:to="us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unconditional Purchase Obligation Category Of Goods Or Services Acquired [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnconditionalPurchaseObligationCategoryOfGoodsOrServicesAcquiredDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unconditional Purchase Obligation, Category of Goods or Services Acquired [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalAdditionsMember" xlink:label="us-gaap_CapitalAdditionsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalAdditionsMember" xlink:to="us-gaap_CapitalAdditionsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalAdditionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Additions [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalAdditionsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">New builds</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligation [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Purchase obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligation, Fiscal Year Maturity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Future Purchase obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligation, Due in Next Twelve Months</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFirstAnniversary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2015</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligation, Due within Two Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnSecondAnniversary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2016</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligation, Due within Three Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnThirdAnniversary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligation, Due within Four Years</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceOnFourthAnniversary_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2018</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount" xlink:to="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unrecorded Unconditional Purchase Obligation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_UnrecordedUnconditionalPurchaseObligationBalanceSheetAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingenciesTable" xlink:label="us-gaap_LossContingenciesTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingenciesTable" xlink:to="us-gaap_LossContingenciesTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingenciesTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingencies [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LitigationCaseAxis" xlink:label="us-gaap_LitigationCaseAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationCaseAxis" xlink:to="us-gaap_LitigationCaseAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LitigationCaseAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LitigationCaseTypeDomain" xlink:label="us-gaap_LitigationCaseTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LitigationCaseTypeDomain" xlink:to="us-gaap_LitigationCaseTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LitigationCaseTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LitigationCaseTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MacondoWellIncidentMember" xlink:label="rig_MacondoWellIncidentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MacondoWellIncidentMember" xlink:to="rig_MacondoWellIncidentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MacondoWellIncidentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the Macondo well incident action lawsuit filed against the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MacondoWellIncidentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Macondo Well Incident [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MacondoWellIncidentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Macondo well incident</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NationalFishAndWildlifeFoundationMember" xlink:label="rig_NationalFishAndWildlifeFoundationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NationalFishAndWildlifeFoundationMember" xlink:to="rig_NationalFishAndWildlifeFoundationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NationalFishAndWildlifeFoundationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to National Fish and wildlife Foundation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NationalFishAndWildlifeFoundationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">National Fish And Wildlife Foundation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NationalFishAndWildlifeFoundationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">National Fish &amp; Wildlife Foundation</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NationalAcademyOfSciencesMember" xlink:label="rig_NationalAcademyOfSciencesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NationalAcademyOfSciencesMember" xlink:to="rig_NationalAcademyOfSciencesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NationalAcademyOfSciencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to National Academy of Sciences.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NationalAcademyOfSciencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">National Academy Of Sciences [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NationalAcademyOfSciencesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">National Academy of Sciences</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AsbestosLitigationMember" xlink:label="rig_AsbestosLitigationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AsbestosLitigationMember" xlink:to="rig_AsbestosLitigationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AsbestosLitigationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the Asbestos litigation lawsuit filed against the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AsbestosLitigationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asbestos Litigation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AsbestosLitigationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asbestos litigation</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_RioDeJaneiroTaxAssessmentMember" xlink:label="rig_RioDeJaneiroTaxAssessmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_RioDeJaneiroTaxAssessmentMember" xlink:to="rig_RioDeJaneiroTaxAssessmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_RioDeJaneiroTaxAssessmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the Rio de Janeiro tax assessment lawsuit filed against the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_RioDeJaneiroTaxAssessmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rio De Janeiro Tax Assessment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_RioDeJaneiroTaxAssessmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Rio de Janeiro tax assessment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_BrazilianImportLicenseAssessmentMember" xlink:label="rig_BrazilianImportLicenseAssessmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_BrazilianImportLicenseAssessmentMember" xlink:to="rig_BrazilianImportLicenseAssessmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_BrazilianImportLicenseAssessmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the Brazilian import license assessment lawsuit filed against the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_BrazilianImportLicenseAssessmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brazilian Import License Assessment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_BrazilianImportLicenseAssessmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Brazilian import license assessment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NigerianCabotageActLitigationMember" xlink:label="rig_NigerianCabotageActLitigationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NigerianCabotageActLitigationMember" xlink:to="rig_NigerianCabotageActLitigationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NigerianCabotageActLitigationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the Nigerian Cabotage Act litigation assessment lawsuit filed.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NigerianCabotageActLitigationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nigerian Cabotage Act Litigation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NigerianCabotageActLitigationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Nigerian Cabotage Act litigation</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_HazardousWasteDisposalSitesMember" xlink:label="rig_HazardousWasteDisposalSitesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_HazardousWasteDisposalSitesMember" xlink:to="rig_HazardousWasteDisposalSitesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_HazardousWasteDisposalSitesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the Hazardous waste disposal sites lawsuit filed against the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_HazardousWasteDisposalSitesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hazardous Waste Disposal Sites [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_HazardousWasteDisposalSitesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Hazardous waste disposal sites</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_RetainedRiskMember" xlink:label="rig_RetainedRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_RetainedRiskMember" xlink:to="rig_RetainedRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_RetainedRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to retained risk of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_RetainedRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_RetainedRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Retained risk</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LettersOfCreditAndSuretyBondsMember" xlink:label="rig_LettersOfCreditAndSuretyBondsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LettersOfCreditAndSuretyBondsMember" xlink:to="rig_LettersOfCreditAndSuretyBondsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LettersOfCreditAndSuretyBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to letters of credit and surety bonds of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LettersOfCreditAndSuretyBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Letters Of Credit And Surety Bonds [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LettersOfCreditAndSuretyBondsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Letters of credit and surety bonds</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LitigationCaseTypeOfAgreementAxis" xlink:label="rig_LitigationCaseTypeOfAgreementAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LitigationCaseTypeOfAgreementAxis" xlink:to="rig_LitigationCaseTypeOfAgreementAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LitigationCaseTypeOfAgreementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Information by type of arrangement on case currently being litigated.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LitigationCaseTypeOfAgreementAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case Type of Agreement [Axis]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LitigationCaseTypeOfAgreementDomain" xlink:label="rig_LitigationCaseTypeOfAgreementDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LitigationCaseTypeOfAgreementDomain" xlink:to="rig_LitigationCaseTypeOfAgreementDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LitigationCaseTypeOfAgreementDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents arrangements on case currently under litigation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LitigationCaseTypeOfAgreementDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case Type Of Agreement [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LitigationCaseTypeOfAgreementDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Litigation Case Type of Agreement [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PleaAgreementMember" xlink:label="rig_PleaAgreementMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PleaAgreementMember" xlink:to="rig_PleaAgreementMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PleaAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to plea agreement.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PleaAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Plea Agreement [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PleaAgreementMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Plea Agreement</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ConsentDecreeMember" xlink:label="rig_ConsentDecreeMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ConsentDecreeMember" xlink:to="rig_ConsentDecreeMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ConsentDecreeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to consent decree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ConsentDecreeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consent Decree [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ConsentDecreeMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consent Decree</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:label="us-gaap_LossContingenciesByNatureOfContingencyAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingenciesByNatureOfContingencyAxis" xlink:to="us-gaap_LossContingenciesByNatureOfContingencyAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingenciesByNatureOfContingencyAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency Nature [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingencyNatureDomain" xlink:label="us-gaap_LossContingencyNatureDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyNatureDomain" xlink:to="us-gaap_LossContingencyNatureDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyNatureDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency Nature [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LossContingencyNatureDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency, Nature [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_WrongfulDeathAndPersonalInjuryMember" xlink:label="rig_WrongfulDeathAndPersonalInjuryMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_WrongfulDeathAndPersonalInjuryMember" xlink:to="rig_WrongfulDeathAndPersonalInjuryMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_WrongfulDeathAndPersonalInjuryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the wrongful death and personal injury lawsuit filed against the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_WrongfulDeathAndPersonalInjuryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Wrongful Death And Personal Injury [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_WrongfulDeathAndPersonalInjuryMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Wrongful death and personal injury</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_EconomicLossMember" xlink:label="rig_EconomicLossMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_EconomicLossMember" xlink:to="rig_EconomicLossMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_EconomicLossMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the economic loss lawsuit filed against the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_EconomicLossMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Economic Loss [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_EconomicLossMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Economic loss</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_StateAndOtherGovernmentClaimsMember" xlink:label="rig_StateAndOtherGovernmentClaimsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_StateAndOtherGovernmentClaimsMember" xlink:to="rig_StateAndOtherGovernmentClaimsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_StateAndOtherGovernmentClaimsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents state government and other government claims.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_StateAndOtherGovernmentClaimsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">State And Other Government Claims [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_StateAndOtherGovernmentClaimsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">State and other government claims</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NaturalResourcesDamagesAssessmentsMember" xlink:label="rig_NaturalResourcesDamagesAssessmentsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NaturalResourcesDamagesAssessmentsMember" xlink:to="rig_NaturalResourcesDamagesAssessmentsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NaturalResourcesDamagesAssessmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to natural resources damages assessments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NaturalResourcesDamagesAssessmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Natural Resources Damages Assessments [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NaturalResourcesDamagesAssessmentsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Natural Resources Damages Assessments</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CitizenSuitsUnderEnvironmentalStatutesMember" xlink:label="rig_CitizenSuitsUnderEnvironmentalStatutesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CitizenSuitsUnderEnvironmentalStatutesMember" xlink:to="rig_CitizenSuitsUnderEnvironmentalStatutesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CitizenSuitsUnderEnvironmentalStatutesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to citizen suits under environmental statutes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CitizenSuitsUnderEnvironmentalStatutesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Citizen Suits Under Environmental Statutes [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CitizenSuitsUnderEnvironmentalStatutesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Citizen suits under environmental statutes</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareholderDerivativeClaimsMember" xlink:label="rig_ShareholderDerivativeClaimsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareholderDerivativeClaimsMember" xlink:to="rig_ShareholderDerivativeClaimsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareholderDerivativeClaimsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the shareholder derivative claims lawsuit filed against the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareholderDerivativeClaimsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shareholder Derivative Claims [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareholderDerivativeClaimsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shareholder derivative claims</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FederalSecuritiesClaimsMember" xlink:label="rig_FederalSecuritiesClaimsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FederalSecuritiesClaimsMember" xlink:to="rig_FederalSecuritiesClaimsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FederalSecuritiesClaimsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents federal securities litigation suits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FederalSecuritiesClaimsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Federal Securities Claims [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FederalSecuritiesClaimsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Federal securities claims</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_WreckRemovalMember" xlink:label="rig_WreckRemovalMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_WreckRemovalMember" xlink:to="rig_WreckRemovalMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_WreckRemovalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to wreck removal of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_WreckRemovalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Wreck Removal [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_WreckRemovalMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Wreck removal</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceCoverageMember" xlink:label="rig_InsuranceCoverageMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceCoverageMember" xlink:to="rig_InsuranceCoverageMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceCoverageMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to insurance coverage of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceCoverageMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Coverage [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceCoverageMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance coverage</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ContractualIndemnityMember" xlink:label="rig_ContractualIndemnityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ContractualIndemnityMember" xlink:to="rig_ContractualIndemnityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ContractualIndemnityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to contractual indemnity of the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ContractualIndemnityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Indemnity [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ContractualIndemnityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual indemnity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingenciesLineItems" xlink:label="us-gaap_LossContingenciesLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingenciesLineItems" xlink:to="us-gaap_LossContingenciesLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingenciesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingencies [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LossContingenciesLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contingencies</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfPersonsDeclaredDead" xlink:label="rig_NumberOfPersonsDeclaredDead" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfPersonsDeclaredDead" xlink:to="rig_NumberOfPersonsDeclaredDead_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfPersonsDeclaredDead_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of persons declared dead from the Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfPersonsDeclaredDead_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Persons Declared Dead</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfPersonsDeclaredDead_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of persons declared dead</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfMilesOffCoast" xlink:label="rig_NumberOfMilesOffCoast" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfMilesOffCoast" xlink:to="rig_NumberOfMilesOffCoast_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfMilesOffCoast_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of miles off the coast of Louisiana the Deepwater Horizon was at time of explosion and fire on the rig operating in the Gulf of Mexico.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfMilesOffCoast_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Miles Off Coast</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfMilesOffCoast_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of miles Deepwater Horizon was off coast of Louisiana</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:label="us-gaap_LossContingencyEstimateOfPossibleLoss" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyEstimateOfPossibleLoss" xlink:to="us-gaap_LossContingencyEstimateOfPossibleLoss_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyEstimateOfPossibleLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency, Estimate of Possible Loss</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_LossContingencyEstimateOfPossibleLoss_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of fines, recoveries and civil penalties</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LossContingencyCivilPenaltyInterestRate" xlink:label="rig_LossContingencyCivilPenaltyInterestRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LossContingencyCivilPenaltyInterestRate" xlink:to="rig_LossContingencyCivilPenaltyInterestRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LossContingencyCivilPenaltyInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of interest on civil penalty obligations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LossContingencyCivilPenaltyInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency Civil Penalty Interest Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LossContingencyCivilPenaltyInterestRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate on civil penalty obligations (as a percent)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ContractualObligationPayment" xlink:label="rig_ContractualObligationPayment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ContractualObligationPayment" xlink:to="rig_ContractualObligationPayment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ContractualObligationPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The payments made in the period which reduced contractual obligation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ContractualObligationPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Obligation Payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ContractualObligationPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount paid for obligations under the Plea Agreement and Consent Decree including interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ContractualObligationFiscalYearMaturityAbstract" xlink:label="us-gaap_ContractualObligationFiscalYearMaturityAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContractualObligationFiscalYearMaturityAbstract" xlink:to="us-gaap_ContractualObligationFiscalYearMaturityAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ContractualObligationFiscalYearMaturityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Obligation, Fiscal Year Maturity [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ContractualObligationFiscalYearMaturityAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding settlement obligations under the Plea Agreement and the Consent Decree, excluding interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SettlementObligationsPaymentsDueInNextRollingTwelveMonths" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingTwelveMonths" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SettlementObligationsPaymentsDueInNextRollingTwelveMonths" xlink:to="rig_SettlementObligationsPaymentsDueInNextRollingTwelveMonths_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingTwelveMonths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of settlement obligation redeemable at fixed or determinable prices and dates maturing in the next rolling twelve months following the latest balance sheet presented.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingTwelveMonths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Settlement Obligations Payments Due in Next Rolling Twelve Months</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingTwelveMonths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2015</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SettlementObligationsPaymentsDueInNextRollingYearTwo" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingYearTwo" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SettlementObligationsPaymentsDueInNextRollingYearTwo" xlink:to="rig_SettlementObligationsPaymentsDueInNextRollingYearTwo_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of settlement obligation redeemable at fixed or determinable prices and dates maturing in the second rolling twelve months following the latest balance sheet presented.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Settlement Obligations Payments Due in Next Rolling Year Two</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingYearTwo_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2016</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SettlementObligationsPaymentsDueInNextRollingYearThree" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingYearThree" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SettlementObligationsPaymentsDueInNextRollingYearThree" xlink:to="rig_SettlementObligationsPaymentsDueInNextRollingYearThree_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingYearThree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of settlement obligation redeemable at fixed or determinable prices and dates maturing in the third rolling twelve months following the latest balance sheet presented.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingYearThree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Settlement Obligations Payments Due in Next Rolling Year Three</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_SettlementObligationsPaymentsDueInNextRollingYearThree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">2017</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ContractualObligation" xlink:label="us-gaap_ContractualObligation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ContractualObligation" xlink:to="us-gaap_ContractualObligation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ContractualObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Obligation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/totalLabel" xlink:label="us-gaap_ContractualObligation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total settlement obligations</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MinimumPeriodForCompliedTermsAndCertainProvisionsOfDecree" xlink:label="rig_MinimumPeriodForCompliedTermsAndCertainProvisionsOfDecree" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MinimumPeriodForCompliedTermsAndCertainProvisionsOfDecree" xlink:to="rig_MinimumPeriodForCompliedTermsAndCertainProvisionsOfDecree_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MinimumPeriodForCompliedTermsAndCertainProvisionsOfDecree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the minimum period for compliance with the terms and certain provisions of the decree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MinimumPeriodForCompliedTermsAndCertainProvisionsOfDecree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum Period for Complied Terms and Certain Provisions of Decree</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MinimumPeriodForCompliedTermsAndCertainProvisionsOfDecree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum period for complied terms and provisions</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PerformancePeriodOfRequiredForTerminationOfDecree" xlink:label="rig_PerformancePeriodOfRequiredForTerminationOfDecree" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PerformancePeriodOfRequiredForTerminationOfDecree" xlink:to="rig_PerformancePeriodOfRequiredForTerminationOfDecree_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PerformancePeriodOfRequiredForTerminationOfDecree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the performance period required for termination of decree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PerformancePeriodOfRequiredForTerminationOfDecree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Performance Period of Required for Termination of Decree</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PerformancePeriodOfRequiredForTerminationOfDecree_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Performance period required for termination of decree</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesPledGuilty" xlink:label="rig_NumberOfSubsidiariesPledGuilty" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesPledGuilty" xlink:to="rig_NumberOfSubsidiariesPledGuilty_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesPledGuilty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries that pled guilty to charges.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesPledGuilty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Pled Guilty</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesPledGuilty_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries that pled guilty to charges</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfMisdemeanorCount" xlink:label="rig_NumberOfMisdemeanorCount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfMisdemeanorCount" xlink:to="rig_NumberOfMisdemeanorCount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfMisdemeanorCount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of misdemeanor count.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfMisdemeanorCount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Misdemeanor Count</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfMisdemeanorCount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of misdemeanor count of negligently discharging oil</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ContractualObligationPleaAgreementCriminalFine" xlink:label="rig_ContractualObligationPleaAgreementCriminalFine" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ContractualObligationPleaAgreementCriminalFine" xlink:to="rig_ContractualObligationPleaAgreementCriminalFine_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ContractualObligationPleaAgreementCriminalFine_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of criminal fine installments to be paid, excluding interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ContractualObligationPleaAgreementCriminalFine_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Obligation Plea Agreement Criminal Fine</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ContractualObligationPleaAgreementCriminalFine_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of Plea Agreement criminal fine</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ContractualObligationPleaAgreementInitialPayments" xlink:label="rig_ContractualObligationPleaAgreementInitialPayments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ContractualObligationPleaAgreementInitialPayments" xlink:to="rig_ContractualObligationPleaAgreementInitialPayments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ContractualObligationPleaAgreementInitialPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of initial payments made under the plea agreement, excluding interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ContractualObligationPleaAgreementInitialPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Obligation Plea Agreement Initial Payments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ContractualObligationPleaAgreementInitialPayments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Initial payments</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LossContingencyPleaAgreementRequiredPayment" xlink:label="rig_LossContingencyPleaAgreementRequiredPayment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LossContingencyPleaAgreementRequiredPayment" xlink:to="rig_LossContingencyPleaAgreementRequiredPayment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LossContingencyPleaAgreementRequiredPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of Plea Agreement required payments to be paid, excluding interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LossContingencyPleaAgreementRequiredPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency Plea Agreement Required Payment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LossContingencyPleaAgreementRequiredPayment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of required payment</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AdministrativeAgreementTerm" xlink:label="rig_AdministrativeAgreementTerm" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AdministrativeAgreementTerm" xlink:to="rig_AdministrativeAgreementTerm_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AdministrativeAgreementTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the term of administrative agreement entered into by the entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AdministrativeAgreementTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Administrative Agreement Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AdministrativeAgreementTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Term of EPA Agreement</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EstimatedInsuranceRecoveries" xlink:label="us-gaap_EstimatedInsuranceRecoveries" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EstimatedInsuranceRecoveries" xlink:to="us-gaap_EstimatedInsuranceRecoveries_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EstimatedInsuranceRecoveries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated Insurance Recoveries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EstimatedInsuranceRecoveries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Portion of liability related to the rig explosion and fire incident recoverable from insurance</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfPhasesCompleted" xlink:label="rig_NumberOfPhasesCompleted" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfPhasesCompleted" xlink:to="rig_NumberOfPhasesCompleted_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfPhasesCompleted_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of phases completed in a trial.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfPhasesCompleted_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Phases Completed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfPhasesCompleted_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of phases of the trial completed</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LossContingencyPercentageOfFaultAssigned" xlink:label="rig_LossContingencyPercentageOfFaultAssigned" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LossContingencyPercentageOfFaultAssigned" xlink:to="rig_LossContingencyPercentageOfFaultAssigned_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LossContingencyPercentageOfFaultAssigned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of fault assigned in the legal matter.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LossContingencyPercentageOfFaultAssigned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency Percentage of Fault Assigned</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LossContingencyPercentageOfFaultAssigned_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of fault assigned by the court</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_BasesForImposingNegligenceLiabilityNumber" xlink:label="rig_BasesForImposingNegligenceLiabilityNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_BasesForImposingNegligenceLiabilityNumber" xlink:to="rig_BasesForImposingNegligenceLiabilityNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_BasesForImposingNegligenceLiabilityNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of bases for imposing negligence liability.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_BasesForImposingNegligenceLiabilityNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Bases for Imposing Negligence Liability Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_BasesForImposingNegligenceLiabilityNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of bases for imposing negligence liability</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfFailuresDeterminedByMdlCourt" xlink:label="rig_NumberOfFailuresDeterminedByMdlCourt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfFailuresDeterminedByMdlCourt" xlink:to="rig_NumberOfFailuresDeterminedByMdlCourt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfFailuresDeterminedByMdlCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of failures held by the MDL Court to be within the entity's privity and knowledge.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfFailuresDeterminedByMdlCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Failures Determined by the MDL Court</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfFailuresDeterminedByMdlCourt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of failures determined by the MDL Court</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfWhollyOwnedSubsidiaryThatCouldNotLimitTheirLiabilityUnderLimitationOfLiabilityAct" xlink:label="rig_NumberOfWhollyOwnedSubsidiaryThatCouldNotLimitTheirLiabilityUnderLimitationOfLiabilityAct" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfWhollyOwnedSubsidiaryThatCouldNotLimitTheirLiabilityUnderLimitationOfLiabilityAct" xlink:to="rig_NumberOfWhollyOwnedSubsidiaryThatCouldNotLimitTheirLiabilityUnderLimitationOfLiabilityAct_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfWhollyOwnedSubsidiaryThatCouldNotLimitTheirLiabilityUnderLimitationOfLiabilityAct_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of wholly owned subsidiary that could not limit their liability under the Limitation of Liability Act.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfWhollyOwnedSubsidiaryThatCouldNotLimitTheirLiabilityUnderLimitationOfLiabilityAct_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Wholly Owned Subsidiary That Could Not Limit Their Liability Under Limitation of Liability Act</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfWhollyOwnedSubsidiaryThatCouldNotLimitTheirLiabilityUnderLimitationOfLiabilityAct_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of wholly owned subsidiary that could not limit their liability under the Limitation of Liability Act</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfEntitiesThatReleasedFromLiabilityUnderGeneralMaritimeLaw" xlink:label="rig_NumberOfEntitiesThatReleasedFromLiabilityUnderGeneralMaritimeLaw" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfEntitiesThatReleasedFromLiabilityUnderGeneralMaritimeLaw" xlink:to="rig_NumberOfEntitiesThatReleasedFromLiabilityUnderGeneralMaritimeLaw_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfEntitiesThatReleasedFromLiabilityUnderGeneralMaritimeLaw_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of entities that released from liability under general maritime law.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfEntitiesThatReleasedFromLiabilityUnderGeneralMaritimeLaw_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Entities That Released from Liability Under General Maritime Law</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfEntitiesThatReleasedFromLiabilityUnderGeneralMaritimeLaw_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of entities that released from liability under general maritime law</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfActionsOrClaimsPendingInStateAndFederalCourts" xlink:label="rig_NumberOfActionsOrClaimsPendingInStateAndFederalCourts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfActionsOrClaimsPendingInStateAndFederalCourts" xlink:to="rig_NumberOfActionsOrClaimsPendingInStateAndFederalCourts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfActionsOrClaimsPendingInStateAndFederalCourts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of claims pending against the entity and subsidiaries, along with other unaffiliated defendants, in state and federal courts.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfActionsOrClaimsPendingInStateAndFederalCourts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Actions or Claims Pending in State and Federal Courts</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfActionsOrClaimsPendingInStateAndFederalCourts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of actions or claims that were pending</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ContractualObligationNumberOfComplaintsInvolvingFatalities" xlink:label="rig_ContractualObligationNumberOfComplaintsInvolvingFatalities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ContractualObligationNumberOfComplaintsInvolvingFatalities" xlink:to="rig_ContractualObligationNumberOfComplaintsInvolvingFatalities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ContractualObligationNumberOfComplaintsInvolvingFatalities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of complaints that involve fatalities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ContractualObligationNumberOfComplaintsInvolvingFatalities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contractual Obligation Number of Complaints Involving Fatalities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ContractualObligationNumberOfComplaintsInvolvingFatalities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of complaints that involve fatalities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LossContingencyNumberOfComplaintsSeekingRecoveryForBodilyInjuries" xlink:label="rig_LossContingencyNumberOfComplaintsSeekingRecoveryForBodilyInjuries" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LossContingencyNumberOfComplaintsSeekingRecoveryForBodilyInjuries" xlink:to="rig_LossContingencyNumberOfComplaintsSeekingRecoveryForBodilyInjuries_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LossContingencyNumberOfComplaintsSeekingRecoveryForBodilyInjuries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of complaints that seek recovery for bodily injuries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LossContingencyNumberOfComplaintsSeekingRecoveryForBodilyInjuries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency Number of Complaints Seeking Recovery for Bodily Injuries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LossContingencyNumberOfComplaintsSeekingRecoveryForBodilyInjuries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of complaints that seek recovery for bodily injuries</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfPutativeClassActionComplaintsFiledAllegingEconomicLosses" xlink:label="rig_NumberOfPutativeClassActionComplaintsFiledAllegingEconomicLosses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfPutativeClassActionComplaintsFiledAllegingEconomicLosses" xlink:to="rig_NumberOfPutativeClassActionComplaintsFiledAllegingEconomicLosses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfPutativeClassActionComplaintsFiledAllegingEconomicLosses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of putative class action complaints filed alleging, among other things, economic losses as a result of environmental pollution.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfPutativeClassActionComplaintsFiledAllegingEconomicLosses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Putative Class Action Complaints Filed Alleging Economic Losses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfPutativeClassActionComplaintsFiledAllegingEconomicLosses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of putative class action complaints filed alleging, among other things, economic losses as a result of environmental pollution arising out of the Macondo well incident (in lawsuits)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PercentageOfNonoperatingInterestOfAnadarkoPetroleumCorporation" xlink:label="rig_PercentageOfNonoperatingInterestOfAnadarkoPetroleumCorporation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PercentageOfNonoperatingInterestOfAnadarkoPetroleumCorporation" xlink:to="rig_PercentageOfNonoperatingInterestOfAnadarkoPetroleumCorporation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PercentageOfNonoperatingInterestOfAnadarkoPetroleumCorporation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the non-operating interest of Anadarko in the Macondo well.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PercentageOfNonoperatingInterestOfAnadarkoPetroleumCorporation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Nonoperating Interest of Anadarko Petroleum Corporation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PercentageOfNonoperatingInterestOfAnadarkoPetroleumCorporation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of non-operating interest of Anadarko in the Macondo well</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PercentageOfNonoperatingInterestOfMOEXOffshore" xlink:label="rig_PercentageOfNonoperatingInterestOfMOEXOffshore" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PercentageOfNonoperatingInterestOfMOEXOffshore" xlink:to="rig_PercentageOfNonoperatingInterestOfMOEXOffshore_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PercentageOfNonoperatingInterestOfMOEXOffshore_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the non-operating interest of MOEX in the Macondo well.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PercentageOfNonoperatingInterestOfMOEXOffshore_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Nonoperating Interest of MOEXOff shore</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PercentageOfNonoperatingInterestOfMOEXOffshore_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of non-operating interest of MOEX in the Macondo well</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LawsuitsFiledByNumberOfStateLocalAndForeignGovernments" xlink:label="rig_LawsuitsFiledByNumberOfStateLocalAndForeignGovernments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LawsuitsFiledByNumberOfStateLocalAndForeignGovernments" xlink:to="rig_LawsuitsFiledByNumberOfStateLocalAndForeignGovernments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LawsuitsFiledByNumberOfStateLocalAndForeignGovernments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of state, local and foreign governments who have filed lawsuits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LawsuitsFiledByNumberOfStateLocalAndForeignGovernments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Lawsuits Filed by Number of State Local and Foreign Governments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LawsuitsFiledByNumberOfStateLocalAndForeignGovernments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of state, local and foreign governments who have filed lawsuits</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfAtlanticCoastStatesSeekingAssurancesForRecoveryOfDamagesMacondoWellIncident" xlink:label="rig_NumberOfAtlanticCoastStatesSeekingAssurancesForRecoveryOfDamagesMacondoWellIncident" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfAtlanticCoastStatesSeekingAssurancesForRecoveryOfDamagesMacondoWellIncident" xlink:to="rig_NumberOfAtlanticCoastStatesSeekingAssurancesForRecoveryOfDamagesMacondoWellIncident_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfAtlanticCoastStatesSeekingAssurancesForRecoveryOfDamagesMacondoWellIncident_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Atlantic Coast states Attorneys General wanting assurances of financial responsibility for potential damages related to the Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfAtlanticCoastStatesSeekingAssurancesForRecoveryOfDamagesMacondoWellIncident_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Atlantic Coast States Seeking Assurances for Recovery of Damages Macondo Well Incident</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfAtlanticCoastStatesSeekingAssurancesForRecoveryOfDamagesMacondoWellIncident_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Atlantic Coast states Attorneys General wanting assurances of financial responsibility for potential damages</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfRequestsForNaturalResourcesDamagesAssessments" xlink:label="rig_NumberOfRequestsForNaturalResourcesDamagesAssessments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfRequestsForNaturalResourcesDamagesAssessments" xlink:to="rig_NumberOfRequestsForNaturalResourcesDamagesAssessments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfRequestsForNaturalResourcesDamagesAssessments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of requests for natural resources damages assessments.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfRequestsForNaturalResourcesDamagesAssessments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Requests for Natural Resources Damages Assessments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfRequestsForNaturalResourcesDamagesAssessments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of requests for natural resources damages assessments</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfExceptionsInDismissalOfClaims" xlink:label="rig_NumberOfExceptionsInDismissalOfClaims" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfExceptionsInDismissalOfClaims" xlink:to="rig_NumberOfExceptionsInDismissalOfClaims_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfExceptionsInDismissalOfClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of exceptions in dismissal of claims.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfExceptionsInDismissalOfClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Exceptions in Dismissal of Claims</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfExceptionsInDismissalOfClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of exceptions in dismissal of claims</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfShareholdersWhoFiledSuites" xlink:label="rig_NumberOfShareholdersWhoFiledSuites" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfShareholdersWhoFiledSuites" xlink:to="rig_NumberOfShareholdersWhoFiledSuites_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfShareholdersWhoFiledSuites_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of shareholders who filed suites naming company as a nominal defendant.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfShareholdersWhoFiledSuites_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Shareholders who Filed Suites</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="rig_NumberOfShareholdersWhoFiledSuites_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shareholders derivative suits</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfCasesVountarilyDismissed" xlink:label="rig_NumberOfCasesVountarilyDismissed" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfCasesVountarilyDismissed" xlink:to="rig_NumberOfCasesVountarilyDismissed_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfCasesVountarilyDismissed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of litigation cases or suits filed against the entity that were voluntarily dismissed during the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfCasesVountarilyDismissed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Cases Vountarily Dismissed</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfCasesVountarilyDismissed_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of cases voluntarily dismissed</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberAcquiredCompaniesDefendants" xlink:label="rig_NumberAcquiredCompaniesDefendants" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberAcquiredCompaniesDefendants" xlink:to="rig_NumberAcquiredCompaniesDefendants_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberAcquiredCompaniesDefendants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of acquired companies by the entity that are named as defendants in class action suits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberAcquiredCompaniesDefendants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Acquired Companies Defendants</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberAcquiredCompaniesDefendants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of acquired companies as defendants in class action in U.S. District Court for the Souther District of New York</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PercentageOfAssetValueCoveredInHundredths" xlink:label="rig_PercentageOfAssetValueCoveredInHundredths" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PercentageOfAssetValueCoveredInHundredths" xlink:to="rig_PercentageOfAssetValueCoveredInHundredths_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PercentageOfAssetValueCoveredInHundredths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents cash inflow associated with sale and disposition of assets.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PercentageOfAssetValueCoveredInHundredths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Asset Value Covered in Hundredths</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PercentageOfAssetValueCoveredInHundredths_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of asset value covered</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AssetValueCoveredByWreckRemovalInsurance" xlink:label="rig_AssetValueCoveredByWreckRemovalInsurance" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AssetValueCoveredByWreckRemovalInsurance" xlink:to="rig_AssetValueCoveredByWreckRemovalInsurance_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AssetValueCoveredByWreckRemovalInsurance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of asset value covered by wreck removal insurance.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AssetValueCoveredByWreckRemovalInsurance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset Value Covered by Wreck Removal Insurance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AssetValueCoveredByWreckRemovalInsurance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Asset value covered by wreck removal insurance</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfPendingLawsuits" xlink:label="rig_NumberOfPendingLawsuits" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfPendingLawsuits" xlink:to="rig_NumberOfPendingLawsuits_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfPendingLawsuits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of pending lawsuits.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfPendingLawsuits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Pending Lawsuits</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfPendingLawsuits_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of pending separate lawsuits remained, each with a single plaintiff</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfYearsOfLitigation" xlink:label="rig_NumberOfYearsOfLitigation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfYearsOfLitigation" xlink:to="rig_NumberOfYearsOfLitigation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfYearsOfLitigation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Numbers year years of litigation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfYearsOfLitigation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number Of Years Of Litigation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfYearsOfLitigation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of years of litigation</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LossContingencyNumberOfPlaintiffsWhoseLitigationIsPendingAgainstSubsidiaries" xlink:label="rig_LossContingencyNumberOfPlaintiffsWhoseLitigationIsPendingAgainstSubsidiaries" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LossContingencyNumberOfPlaintiffsWhoseLitigationIsPendingAgainstSubsidiaries" xlink:to="rig_LossContingencyNumberOfPlaintiffsWhoseLitigationIsPendingAgainstSubsidiaries_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LossContingencyNumberOfPlaintiffsWhoseLitigationIsPendingAgainstSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of plaintiffs whose litigation remains pending against subsidiaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LossContingencyNumberOfPlaintiffsWhoseLitigationIsPendingAgainstSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency Number of Plaintiffs whose Litigation is Pending Against Subsidiaries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LossContingencyNumberOfPlaintiffsWhoseLitigationIsPendingAgainstSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of plaintiffs whose litigation remains pending against subsidiaries</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesNamedAsDefendants" xlink:label="rig_NumberOfSubsidiariesNamedAsDefendants" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesNamedAsDefendants" xlink:to="rig_NumberOfSubsidiariesNamedAsDefendants_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesNamedAsDefendants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the numbers of subsidiaries named as defendants.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesNamedAsDefendants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Named As Defendants</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesNamedAsDefendants_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries name as defendants for cases filed in Louisiana</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesThatWereServedNoticeAndDemandFromNigeriaMaritimeAdministrationAndSafetyAgency" xlink:label="rig_NumberOfSubsidiariesThatWereServedNoticeAndDemandFromNigeriaMaritimeAdministrationAndSafetyAgency" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesThatWereServedNoticeAndDemandFromNigeriaMaritimeAdministrationAndSafetyAgency" xlink:to="rig_NumberOfSubsidiariesThatWereServedNoticeAndDemandFromNigeriaMaritimeAdministrationAndSafetyAgency_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesThatWereServedNoticeAndDemandFromNigeriaMaritimeAdministrationAndSafetyAgency_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of subsidiaries that were served a Notice and Demand from the Nigeria Maritime Administration and Safety Agency (NIMASA).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesThatWereServedNoticeAndDemandFromNigeriaMaritimeAdministrationAndSafetyAgency_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries that were Served Notice and Demand from Nigeria Maritime Administration and Safety Agency</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesThatWereServedNoticeAndDemandFromNigeriaMaritimeAdministrationAndSafetyAgency_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries that were served a Notice and Demand from the Nigeria Maritime Administration and Safety Agency (NIMASA)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PercentageOfSurchargeOnValueOfContractsImposedOnSubsidiaries" xlink:label="rig_PercentageOfSurchargeOnValueOfContractsImposedOnSubsidiaries" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PercentageOfSurchargeOnValueOfContractsImposedOnSubsidiaries" xlink:to="rig_PercentageOfSurchargeOnValueOfContractsImposedOnSubsidiaries_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PercentageOfSurchargeOnValueOfContractsImposedOnSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of surcharge imposed on subsidiaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PercentageOfSurchargeOnValueOfContractsImposedOnSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Surcharge on Value of Contracts Imposed on Subsidiaries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PercentageOfSurchargeOnValueOfContractsImposedOnSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of surcharge on the value of contracts performed in Nigeria pursuant to the Coastal and Inland Shipping (Cabotage) Act 2003 (the Cabotage Act)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgram" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgram" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgram" xlink:to="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgram_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgram_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the aggregate insurance coverage provided under the entity's excess liability insurance program at the time of the Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgram_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Coverage under Excess Liability Insurance Program</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgram_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insured status under excess liability insurance program</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramDeductibleAmount" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramDeductibleAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramDeductibleAmount" xlink:to="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramDeductibleAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramDeductibleAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the deductible amount under the entity's excess liability insurance program at the time of Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramDeductibleAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Coverage under Excess Liability Insurance Program Deductible Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramDeductibleAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deductible amount under excess liability insurance program</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramSelfInsuredLayer" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramSelfInsuredLayer" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramSelfInsuredLayer" xlink:to="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramSelfInsuredLayer_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramSelfInsuredLayer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the self insured retention layer under the entity's excess liability insurance program at the time of Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramSelfInsuredLayer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Coverage under Excess Liability Insurance Program Self Insured Layer</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramSelfInsuredLayer_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount covered by self insured layer of excess liability insurance program</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFirst" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFirst" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFirst" xlink:to="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFirst_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFirst_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of insurance coverage provided under the first layer of the entity's excess liability insurance program at the time of Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFirst_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Coverage under Excess Liability Insurance Program Layer First</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFirst_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount covered by first layer of excess liability insurance program</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerSecond" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerSecond" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerSecond" xlink:to="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerSecond_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerSecond_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of insurance coverage provided under the third layer of the entity's excess liability insurance program at the time of Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerSecond_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Coverage under Excess Liability Insurance Program Layer Second</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerSecond_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount covered by second layer of excess liability insurance program</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerThird" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerThird" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerThird" xlink:to="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerThird_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerThird_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of insurance coverage provided under the fourth layer of the entity's excess liability insurance program at the time of Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerThird_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Coverage under Excess Liability Insurance Program Layer Third</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerThird_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount covered by third layer of excess liability insurance program</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFourth" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFourth" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFourth" xlink:to="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFourth_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFourth_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of insurance coverage provided under the second layer of the entity's excess liability insurance program at the time of Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFourth_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Coverage under Excess Liability Insurance Program Layer Fourth</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFourth_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount covered by fourth layer of excess liability insurance program</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFifth" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFifth" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFifth" xlink:to="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFifth_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFifth_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of insurance coverage provided under the fifth layer of the entity's excess liability insurance program at the time of Macondo well incident.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFifth_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Coverage under Excess Liability Insurance Program Layer Fifth</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceCoverageUnderExcessLiabilityInsuranceProgramLayerFifth_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount covered by fifth layer of excess liability insurance program</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LimitOfIndemnityForRigOperator" xlink:label="rig_LimitOfIndemnityForRigOperator" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LimitOfIndemnityForRigOperator" xlink:to="rig_LimitOfIndemnityForRigOperator_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LimitOfIndemnityForRigOperator_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount agreed to indemnify and defend operator of Deepwater Horizon.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LimitOfIndemnityForRigOperator_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Limit of Indemnity for Rig Operator</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LimitOfIndemnityForRigOperator_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount agreed to indemnify and defend operator of rig</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingencyNumberOfPlaintiffs" xlink:label="us-gaap_LossContingencyNumberOfPlaintiffs" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyNumberOfPlaintiffs" xlink:to="us-gaap_LossContingencyNumberOfPlaintiffs_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyNumberOfPlaintiffs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency, Number of Plaintiffs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LossContingencyNumberOfPlaintiffs_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of claimants</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfLawsuitsInWhichCaseIsPendingAgainstSubsidiaries" xlink:label="rig_NumberOfLawsuitsInWhichCaseIsPendingAgainstSubsidiaries" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfLawsuitsInWhichCaseIsPendingAgainstSubsidiaries" xlink:to="rig_NumberOfLawsuitsInWhichCaseIsPendingAgainstSubsidiaries_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfLawsuitsInWhichCaseIsPendingAgainstSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of lawsuits in which case is pending against subsidiaries.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfLawsuitsInWhichCaseIsPendingAgainstSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Lawsuits in which Case is Pending Against Subsidiaries</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfLawsuitsInWhichCaseIsPendingAgainstSubsidiaries_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of lawsuits in which case is pending against subsidiaries</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesInvolvedInLawsuitsArisingFromDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xlink:label="rig_NumberOfSubsidiariesInvolvedInLawsuitsArisingFromDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesInvolvedInLawsuitsArisingFromDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xlink:to="rig_NumberOfSubsidiariesInvolvedInLawsuitsArisingFromDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesInvolvedInLawsuitsArisingFromDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries involved in lawsuits arising from design, construction and refurbishment of major industrial complexes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesInvolvedInLawsuitsArisingFromDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Involved in Lawsuits Arising from Design Construction and Refurbishment of Major Industrial Complexes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesInvolvedInLawsuitsArisingFromDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries involved in lawsuits arising from design, construction and refurbishment of major industrial complexes</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xlink:label="rig_NumberOfLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xlink:to="rig_NumberOfLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of lawsuits alleging personal injury from asbestos exposure for subsidiary involved in design, construction and refurbishment of major industrial complexes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Lawsuits Alleging Personal Injury from Asbestos Exposure for Subsidiary Involved in Design Construction and Refurbishment of Major Industrial Complexes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of lawsuits alleging personal injury from asbestos exposure for subsidiary involved in design, construction and refurbishment of major industrial complexes</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_EstimatedNumberOfPlaintiffsInLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xlink:label="rig_EstimatedNumberOfPlaintiffsInLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_EstimatedNumberOfPlaintiffsInLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xlink:to="rig_EstimatedNumberOfPlaintiffsInLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_EstimatedNumberOfPlaintiffsInLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated number of plaintiffs in lawsuits alleging personal injury from asbestos exposure for subsidiary involved in design, construction and refurbishment of major industrial complexes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_EstimatedNumberOfPlaintiffsInLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated Number of Plaintiffs in Lawsuits Alleging Personal Injury from Asbestos Exposure for Subsidiary Involved in Design Construction and Refurbishment of Major Industrial Complexes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_EstimatedNumberOfPlaintiffsInLawsuitsAllegingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimated number of plaintiffs in lawsuits alleging personal injury from asbestos exposure for subsidiary involved in design, construction and refurbishment of major industrial complexes</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InsuranceLimitsPotentiallyAvailableForDamagesInLawsuitsRegardingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xlink:label="rig_InsuranceLimitsPotentiallyAvailableForDamagesInLawsuitsRegardingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InsuranceLimitsPotentiallyAvailableForDamagesInLawsuitsRegardingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes" xlink:to="rig_InsuranceLimitsPotentiallyAvailableForDamagesInLawsuitsRegardingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InsuranceLimitsPotentiallyAvailableForDamagesInLawsuitsRegardingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance limits potentially available for damages in lawsuits regarding personal injury from asbestos exposure for subsidiary involved in design, construction and refurbishment of major industrial complexes.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InsuranceLimitsPotentiallyAvailableForDamagesInLawsuitsRegardingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance Limits Potentially Available for Damages in Lawsuits Regarding Personal Injury from Asbestos Exposure for Subsidiary Involved in Design Construction and Refurbishment of Major Industrial Complexes</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InsuranceLimitsPotentiallyAvailableForDamagesInLawsuitsRegardingPersonalInjuryFromAsbestosExposureForSubsidiaryInvolvedInDesignConstructionAndRefurbishmentOfMajorIndustrialComplexes_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance limits potentially available for damages in lawsuits regarding personal injury from asbestos exposure for subsidiary involved in design, construction and refurbishment of major industrial</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TaxAssessmentFromStateTaxAuthorities" xlink:label="rig_TaxAssessmentFromStateTaxAuthorities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TaxAssessmentFromStateTaxAuthorities" xlink:to="rig_TaxAssessmentFromStateTaxAuthorities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TaxAssessmentFromStateTaxAuthorities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax assessment from federal tax authorities of Rio de Janeiro in Brazil relating to failure to timely apply for and improper information on import license application.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TaxAssessmentFromStateTaxAuthorities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax Assessment from State Tax Authorities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TaxAssessmentFromStateTaxAuthorities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Tax assessment from state tax authorities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesInvolvedInTaxAssessment" xlink:label="rig_NumberOfSubsidiariesInvolvedInTaxAssessment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesInvolvedInTaxAssessment" xlink:to="rig_NumberOfSubsidiariesInvolvedInTaxAssessment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesInvolvedInTaxAssessment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries involved in Rio de Janeiro tax assessment.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesInvolvedInTaxAssessment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Involved in Tax Assessment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesInvolvedInTaxAssessment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries involved in tax assessment relating to import license</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TotalAmountOfTaxAssessmentFromStateTaxAuthorities" xlink:label="rig_TotalAmountOfTaxAssessmentFromStateTaxAuthorities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TotalAmountOfTaxAssessmentFromStateTaxAuthorities" xlink:to="rig_TotalAmountOfTaxAssessmentFromStateTaxAuthorities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TotalAmountOfTaxAssessmentFromStateTaxAuthorities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total amount of tax assessment from federal tax authorities of Rio de Janeiro in Brazil relating to failure to timely apply for and improper information on import license application.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TotalAmountOfTaxAssessmentFromStateTaxAuthorities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total Amount of Tax Assessment from State Tax Authorities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TotalAmountOfTaxAssessmentFromStateTaxAuthorities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total amount of tax assessment from state tax authorities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PercentageOfLiabilityForRemediationAndRelatedCosts" xlink:label="rig_PercentageOfLiabilityForRemediationAndRelatedCosts" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PercentageOfLiabilityForRemediationAndRelatedCosts" xlink:to="rig_PercentageOfLiabilityForRemediationAndRelatedCosts_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PercentageOfLiabilityForRemediationAndRelatedCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of liability under participation agreement for remediation and related costs from hazardous waste disposal site.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PercentageOfLiabilityForRemediationAndRelatedCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of Liability for Remediation and Related Costs</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PercentageOfLiabilityForRemediationAndRelatedCosts_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of liability for remediation and related costs</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesOrderedByCaliforniaRegionalWaterQualityControlBoardToDevelopTestingPlanForAlhambraCaliforniaSite" xlink:label="rig_NumberOfSubsidiariesOrderedByCaliforniaRegionalWaterQualityControlBoardToDevelopTestingPlanForAlhambraCaliforniaSite" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesOrderedByCaliforniaRegionalWaterQualityControlBoardToDevelopTestingPlanForAlhambraCaliforniaSite" xlink:to="rig_NumberOfSubsidiariesOrderedByCaliforniaRegionalWaterQualityControlBoardToDevelopTestingPlanForAlhambraCaliforniaSite_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesOrderedByCaliforniaRegionalWaterQualityControlBoardToDevelopTestingPlanForAlhambraCaliforniaSite_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries ordered by California Regional Water Quality Control Board to develop a testing plan for Alhambra, California site.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesOrderedByCaliforniaRegionalWaterQualityControlBoardToDevelopTestingPlanForAlhambraCaliforniaSite_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries Ordered by California Regional Water Quality Control Board to Develop Testing Plan for Alhambra California Site</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesOrderedByCaliforniaRegionalWaterQualityControlBoardToDevelopTestingPlanForAlhambraCaliforniaSite_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries ordered by California Regional Water Quality Control Board to develop testing plan for Alhambra, California site</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MinimumNumberOfSubsidiariesLikelyToBeNamedPotentiallyResponsiblePartyByUSEnvironmentalProtectionAgencyForSuperfundSite" xlink:label="rig_MinimumNumberOfSubsidiariesLikelyToBeNamedPotentiallyResponsiblePartyByUSEnvironmentalProtectionAgencyForSuperfundSite" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MinimumNumberOfSubsidiariesLikelyToBeNamedPotentiallyResponsiblePartyByUSEnvironmentalProtectionAgencyForSuperfundSite" xlink:to="rig_MinimumNumberOfSubsidiariesLikelyToBeNamedPotentiallyResponsiblePartyByUSEnvironmentalProtectionAgencyForSuperfundSite_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MinimumNumberOfSubsidiariesLikelyToBeNamedPotentiallyResponsiblePartyByUSEnvironmentalProtectionAgencyForSuperfundSite_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The minimum number of subsidiaries likely to be named a potentially responsible party by the US Environmental Protection Agency for a superfund site.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MinimumNumberOfSubsidiariesLikelyToBeNamedPotentiallyResponsiblePartyByUSEnvironmentalProtectionAgencyForSuperfundSite_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum Number of Subsidiaries Likely to be Named Potentially Responsible Party by US Environmental Protection Agency for Superfund Site</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MinimumNumberOfSubsidiariesLikelyToBeNamedPotentiallyResponsiblePartyByUSEnvironmentalProtectionAgencyForSuperfundSite_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum number of subsidiaries likely to be named potentially responsible party by US Environmental Protection Agency for superfund site (in counts)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AggregateValueOfDrillingRigFleet" xlink:label="rig_AggregateValueOfDrillingRigFleet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AggregateValueOfDrillingRigFleet" xlink:to="rig_AggregateValueOfDrillingRigFleet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AggregateValueOfDrillingRigFleet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate insured value of drilling rig fleet.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AggregateValueOfDrillingRigFleet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate Value of Drilling Rig Fleet</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AggregateValueOfDrillingRigFleet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate value of drilling rig fleet</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PerOccurrenceInsuranceDeductibleOnHullAndMachinery" xlink:label="rig_PerOccurrenceInsuranceDeductibleOnHullAndMachinery" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PerOccurrenceInsuranceDeductibleOnHullAndMachinery" xlink:to="rig_PerOccurrenceInsuranceDeductibleOnHullAndMachinery_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PerOccurrenceInsuranceDeductibleOnHullAndMachinery_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per occurrence insurance deductible on hull and machinery.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PerOccurrenceInsuranceDeductibleOnHullAndMachinery_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per Occurrence Insurance Deductible on Hull and Machinery</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PerOccurrenceInsuranceDeductibleOnHullAndMachinery_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per occurrence insurance deductible on hull and machinery</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MaximumAggregateInsuranceDeductibleOnHullAndMachineryPerYear" xlink:label="rig_MaximumAggregateInsuranceDeductibleOnHullAndMachineryPerYear" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MaximumAggregateInsuranceDeductibleOnHullAndMachineryPerYear" xlink:to="rig_MaximumAggregateInsuranceDeductibleOnHullAndMachineryPerYear_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MaximumAggregateInsuranceDeductibleOnHullAndMachineryPerYear_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum aggregate insurance deductible on hull and machinery per year.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MaximumAggregateInsuranceDeductibleOnHullAndMachineryPerYear_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum Aggregate Insurance Deductible on Hull and Machinery Per Year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MaximumAggregateInsuranceDeductibleOnHullAndMachineryPerYear_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum aggregate insurance deductible on hull and machinery per year</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MaximumPercentageOfAssetInsuredValueCoveredByDamageMitigationInsurance" xlink:label="rig_MaximumPercentageOfAssetInsuredValueCoveredByDamageMitigationInsurance" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MaximumPercentageOfAssetInsuredValueCoveredByDamageMitigationInsurance" xlink:to="rig_MaximumPercentageOfAssetInsuredValueCoveredByDamageMitigationInsurance_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MaximumPercentageOfAssetInsuredValueCoveredByDamageMitigationInsurance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The maximum percentage of a rig's insured value covered for costs incurred to mitigate damage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MaximumPercentageOfAssetInsuredValueCoveredByDamageMitigationInsurance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum Percentage of Asset Insured Value Covered by Damage Mitigation Insurance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MaximumPercentageOfAssetInsuredValueCoveredByDamageMitigationInsurance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maximum percentage of asset insured value covered by damage mitigation insurance</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CommercialMarketExcessLiabilityCoverage" xlink:label="rig_CommercialMarketExcessLiabilityCoverage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CommercialMarketExcessLiabilityCoverage" xlink:to="rig_CommercialMarketExcessLiabilityCoverage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CommercialMarketExcessLiabilityCoverage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commercial market excess liability coverage, exclusive of deductibles and self-insured retention, which generally covers offshore risks such as personal injury, third-party property claims, and third-party non-crew claims, including wreck removal and pollution.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CommercialMarketExcessLiabilityCoverage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commercial Market Excess Liability Coverage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CommercialMarketExcessLiabilityCoverage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Commercial market excess liability coverage</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PerOccurrenceDeductibleOnCollisionLiabilityClaims" xlink:label="rig_PerOccurrenceDeductibleOnCollisionLiabilityClaims" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PerOccurrenceDeductibleOnCollisionLiabilityClaims" xlink:to="rig_PerOccurrenceDeductibleOnCollisionLiabilityClaims_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PerOccurrenceDeductibleOnCollisionLiabilityClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per occurrence deductible on collision liability claims.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PerOccurrenceDeductibleOnCollisionLiabilityClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per Occurrence Deductible on Collision Liability Claims</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PerOccurrenceDeductibleOnCollisionLiabilityClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per occurrence deductible on collision liability claims</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PerOccurrenceDeductibleOnCrewPersonalInjuryAndOtherThirdPartyNonCrewClaims" xlink:label="rig_PerOccurrenceDeductibleOnCrewPersonalInjuryAndOtherThirdPartyNonCrewClaims" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PerOccurrenceDeductibleOnCrewPersonalInjuryAndOtherThirdPartyNonCrewClaims" xlink:to="rig_PerOccurrenceDeductibleOnCrewPersonalInjuryAndOtherThirdPartyNonCrewClaims_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PerOccurrenceDeductibleOnCrewPersonalInjuryAndOtherThirdPartyNonCrewClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per occurrence deductible on crew personal injury liability and other third party non-crew claims.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PerOccurrenceDeductibleOnCrewPersonalInjuryAndOtherThirdPartyNonCrewClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per Occurrence Deductible on Crew Personal Injury and Other Third Party Non Crew Claims</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PerOccurrenceDeductibleOnCrewPersonalInjuryAndOtherThirdPartyNonCrewClaims_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per occurrence deductible on crew personal injury and other third-party non-crew claims</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PerOccurrenceDeductibleOnExcessLiabilityForWhichRiskIsRetained" xlink:label="rig_PerOccurrenceDeductibleOnExcessLiabilityForWhichRiskIsRetained" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PerOccurrenceDeductibleOnExcessLiabilityForWhichRiskIsRetained" xlink:to="rig_PerOccurrenceDeductibleOnExcessLiabilityForWhichRiskIsRetained_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PerOccurrenceDeductibleOnExcessLiabilityForWhichRiskIsRetained_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per occurrence deductible on excess liability for which risk is retained by wholly-owned insurance company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PerOccurrenceDeductibleOnExcessLiabilityForWhichRiskIsRetained_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per Occurrence Deductible on Excess Liability for Which Risk is Retained</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PerOccurrenceDeductibleOnExcessLiabilityForWhichRiskIsRetained_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per occurrence deductible on excess liability for which risk is retained by wholly-owned insurance company</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LiabilityLossExcessAmountForCommercialMarketExcessLiabilityCoverage" xlink:label="rig_LiabilityLossExcessAmountForCommercialMarketExcessLiabilityCoverage" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LiabilityLossExcessAmountForCommercialMarketExcessLiabilityCoverage" xlink:to="rig_LiabilityLossExcessAmountForCommercialMarketExcessLiabilityCoverage_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LiabilityLossExcessAmountForCommercialMarketExcessLiabilityCoverage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Insurance liability loss retained risk excess amount for commercial market excess liability coverage.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LiabilityLossExcessAmountForCommercialMarketExcessLiabilityCoverage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liability Loss Excess Amount for Commercial Market Excess Liability Coverage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LiabilityLossExcessAmountForCommercialMarketExcessLiabilityCoverage_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liability loss excess amount for commercial market excess liability coverage</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AdditionalInsuranceToCoverExpensesThatWouldOtherwiseBeCoveredByWellOwner" xlink:label="rig_AdditionalInsuranceToCoverExpensesThatWouldOtherwiseBeCoveredByWellOwner" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AdditionalInsuranceToCoverExpensesThatWouldOtherwiseBeCoveredByWellOwner" xlink:to="rig_AdditionalInsuranceToCoverExpensesThatWouldOtherwiseBeCoveredByWellOwner_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AdditionalInsuranceToCoverExpensesThatWouldOtherwiseBeCoveredByWellOwner_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional insurance that generally covers expenses that would otherwise be assumed by the well owner, such as costs to control the well, redrill expenses and pollution from the well.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AdditionalInsuranceToCoverExpensesThatWouldOtherwiseBeCoveredByWellOwner_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional Insurance to Cover Expenses that would Otherwise be Covered by Well Owner</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AdditionalInsuranceToCoverExpensesThatWouldOtherwiseBeCoveredByWellOwner_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional insurance that covers expenses that would otherwise be assumed by the well owner</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OutstandingSuretyBonds" xlink:label="rig_OutstandingSuretyBonds" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OutstandingSuretyBonds" xlink:to="rig_OutstandingSuretyBonds_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OutstandingSuretyBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding amount of surety bonds that secure customs obligations relating to the importation of our rigs and certain performance and other obligations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OutstandingSuretyBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding Surety Bonds</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OutstandingSuretyBonds_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Surety bonds outstanding</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_RedeemableNoncontrollingInterestRollForward" xlink:label="rig_RedeemableNoncontrollingInterestRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_RedeemableNoncontrollingInterestRollForward" xlink:to="rig_RedeemableNoncontrollingInterestRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_RedeemableNoncontrollingInterestRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">A roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_RedeemableNoncontrollingInterestRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redeemable Noncontrolling Interest [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_RedeemableNoncontrollingInterestRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redeemable noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_RedeemableNoncontrollingInterestNetIncomeAttributableToNoncontrollingInterest" xlink:label="rig_RedeemableNoncontrollingInterestNetIncomeAttributableToNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_RedeemableNoncontrollingInterestNetIncomeAttributableToNoncontrollingInterest" xlink:to="rig_RedeemableNoncontrollingInterestNetIncomeAttributableToNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_RedeemableNoncontrollingInterestNetIncomeAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in noncontrolling interest during the period related to net income attributable to the noncontrolling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_RedeemableNoncontrollingInterestNetIncomeAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redeemable Noncontrolling Interest Net Income Attributable to Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_RedeemableNoncontrollingInterestNetIncomeAttributableToNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net income attributable to noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_RedeemableNoncontrollingInterestReclassificationToTemporaryEquity" xlink:label="rig_RedeemableNoncontrollingInterestReclassificationToTemporaryEquity" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_RedeemableNoncontrollingInterestReclassificationToTemporaryEquity" xlink:to="rig_RedeemableNoncontrollingInterestReclassificationToTemporaryEquity_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_RedeemableNoncontrollingInterestReclassificationToTemporaryEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in noncontrolling interest during the period as a result of a reclassification from noncontrolling interests to temporary equity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_RedeemableNoncontrollingInterestReclassificationToTemporaryEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Redeemable Noncontrolling Interest Reclassification to Temporary Equity</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_RedeemableNoncontrollingInterestReclassificationToTemporaryEquity_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification from noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ReclassificationFromRedeemableNonControllingInterestToCurrentLiabilities" xlink:label="rig_ReclassificationFromRedeemableNonControllingInterestToCurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ReclassificationFromRedeemableNonControllingInterestToCurrentLiabilities" xlink:to="rig_ReclassificationFromRedeemableNonControllingInterestToCurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ReclassificationFromRedeemableNonControllingInterestToCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the reclassification from redeemable noncontrolling interest to other current liabilities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ReclassificationFromRedeemableNonControllingInterestToCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification from Redeemable Noncontrolling Interest to Current Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ReclassificationFromRedeemableNonControllingInterestToCurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reclassification to other current liabilities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfUltraDeepwaterFloaters" xlink:label="rig_NumberOfUltraDeepwaterFloaters" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfUltraDeepwaterFloaters" xlink:to="rig_NumberOfUltraDeepwaterFloaters_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfUltraDeepwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents number of Ultra-Deepwater Floaters.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfUltraDeepwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Ultra Deepwater Floaters</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfUltraDeepwaterFloaters_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Ultra-Deepwater Floaters</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CumulativeAdjustmentToLiabilityAndExpenseIssuanceOfSharesNoncontrollingInterest" xlink:label="rig_CumulativeAdjustmentToLiabilityAndExpenseIssuanceOfSharesNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CumulativeAdjustmentToLiabilityAndExpenseIssuanceOfSharesNoncontrollingInterest" xlink:to="rig_CumulativeAdjustmentToLiabilityAndExpenseIssuanceOfSharesNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CumulativeAdjustmentToLiabilityAndExpenseIssuanceOfSharesNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cumulative adjustment to liability with a corresponding adjustment to other expense as a result from the issuance of stock for noncash consideration.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CumulativeAdjustmentToLiabilityAndExpenseIssuanceOfSharesNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cumulative Adjustment to Liability and Expense Issuance of Shares Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CumulativeAdjustmentToLiabilityAndExpenseIssuanceOfSharesNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cumulative adjustment to increase the liability</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_StockIssuedDuringPeriodSharesIssuedForNonControllingInterest" xlink:label="rig_StockIssuedDuringPeriodSharesIssuedForNonControllingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_StockIssuedDuringPeriodSharesIssuedForNonControllingInterest" xlink:to="rig_StockIssuedDuringPeriodSharesIssuedForNonControllingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_StockIssuedDuringPeriodSharesIssuedForNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares issued in exchange for noncontrolling interest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_StockIssuedDuringPeriodSharesIssuedForNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock Issued During Period Shares Issued for Non Controlling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_StockIssuedDuringPeriodSharesIssuedForNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Issuance of shares in exchange for noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AdjustmentsToSharesIssuanceOfSharesNoncontrollingInterest" xlink:label="rig_AdjustmentsToSharesIssuanceOfSharesNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AdjustmentsToSharesIssuanceOfSharesNoncontrollingInterest" xlink:to="rig_AdjustmentsToSharesIssuanceOfSharesNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AdjustmentsToSharesIssuanceOfSharesNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment to shares value as a result from the issuance of stock for noncash consideration.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AdjustmentsToSharesIssuanceOfSharesNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to Shares Issuance of Shares Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AdjustmentsToSharesIssuanceOfSharesNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment to share capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_Dividends" xlink:label="us-gaap_Dividends" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_Dividends" xlink:to="us-gaap_Dividends_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_Dividends_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AdjustmentsToAdditionalPaidInCapitalIssuanceOfSharesNoncontrollingInterest" xlink:label="rig_AdjustmentsToAdditionalPaidInCapitalIssuanceOfSharesNoncontrollingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AdjustmentsToAdditionalPaidInCapitalIssuanceOfSharesNoncontrollingInterest" xlink:to="rig_AdjustmentsToAdditionalPaidInCapitalIssuanceOfSharesNoncontrollingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AdjustmentsToAdditionalPaidInCapitalIssuanceOfSharesNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in additional paid in capital as a result from the issuance of stock for noncash consideration.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AdjustmentsToAdditionalPaidInCapitalIssuanceOfSharesNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustments to Additional Paid in Capital Issuance of Shares Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AdjustmentsToAdditionalPaidInCapitalIssuanceOfSharesNoncontrollingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Adjustment to additional paid in capital</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterestTable" xlink:label="us-gaap_MinorityInterestTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestTable" xlink:to="us-gaap_MinorityInterestTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MinorityInterestLineItems" xlink:label="us-gaap_MinorityInterestLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MinorityInterestLineItems" xlink:to="us-gaap_MinorityInterestLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MinorityInterestLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling Interest [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MinorityInterestLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharePrice" xlink:label="us-gaap_SharePrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharePrice" xlink:to="us-gaap_SharePrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Offer price of common units (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_PartnersCapitalAccountUnitsSoldInPublicOffering" xlink:label="us-gaap_PartnersCapitalAccountUnitsSoldInPublicOffering" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_PartnersCapitalAccountUnitsSoldInPublicOffering" xlink:to="us-gaap_PartnersCapitalAccountUnitsSoldInPublicOffering_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_PartnersCapitalAccountUnitsSoldInPublicOffering_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Partners' Capital Account, Units, Sold in Public Offering</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_PartnersCapitalAccountUnitsSoldInPublicOffering_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common units offered in initial public offering</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PartnersCapitalAccountUnitsSoldToUnderwritersUponExerciseOfOption" xlink:label="rig_PartnersCapitalAccountUnitsSoldToUnderwritersUponExerciseOfOption" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PartnersCapitalAccountUnitsSoldToUnderwritersUponExerciseOfOption" xlink:to="rig_PartnersCapitalAccountUnitsSoldToUnderwritersUponExerciseOfOption_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PartnersCapitalAccountUnitsSoldToUnderwritersUponExerciseOfOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of common units purchased by underwriters upon exercise of option.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PartnersCapitalAccountUnitsSoldToUnderwritersUponExerciseOfOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Partners Capital Account, Units Sold to Underwriters upon Exercise of Option</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PartnersCapitalAccountUnitsSoldToUnderwritersUponExerciseOfOption_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common units purchased by underwriters upon exercise of option</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PercentageOfCommonUnitsSold" xlink:label="rig_PercentageOfCommonUnitsSold" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PercentageOfCommonUnitsSold" xlink:to="rig_PercentageOfCommonUnitsSold_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PercentageOfCommonUnitsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage of common units sold.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PercentageOfCommonUnitsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage Of Common Units Sold</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PercentageOfCommonUnitsSold_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of common units sold in public offering and purchased by underwriters</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PartnersCapitalAccountUnitsHeldByParent" xlink:label="rig_PartnersCapitalAccountUnitsHeldByParent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PartnersCapitalAccountUnitsHeldByParent" xlink:to="rig_PartnersCapitalAccountUnitsHeldByParent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PartnersCapitalAccountUnitsHeldByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of units held by parent entity of each class of partners' capital account.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PartnersCapitalAccountUnitsHeldByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Partners Capital Account, Units Held by Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PartnersCapitalAccountUnitsHeldByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common units held by parent</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SubordinatedUnitsHeldByParent" xlink:label="rig_SubordinatedUnitsHeldByParent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SubordinatedUnitsHeldByParent" xlink:to="rig_SubordinatedUnitsHeldByParent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SubordinatedUnitsHeldByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of subordinated units held by parent entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SubordinatedUnitsHeldByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subordinated Units Held by Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SubordinatedUnitsHeldByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subordinated units held by parent</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LimitedLiabilityCompanyOwnershipInterestHeldByParent" xlink:label="rig_LimitedLiabilityCompanyOwnershipInterestHeldByParent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LimitedLiabilityCompanyOwnershipInterestHeldByParent" xlink:to="rig_LimitedLiabilityCompanyOwnershipInterestHeldByParent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LimitedLiabilityCompanyOwnershipInterestHeldByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the percentage investment held by parent entity in limited liability company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LimitedLiabilityCompanyOwnershipInterestHeldByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Limited Liability Company, Ownership Interest Held by Parent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LimitedLiabilityCompanyOwnershipInterestHeldByParent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of limited liability company interest held by parent</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NetProceedsFromIssuanceInitialPublicOffering" xlink:label="rig_NetProceedsFromIssuanceInitialPublicOffering" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NetProceedsFromIssuanceInitialPublicOffering" xlink:to="rig_NetProceedsFromIssuanceInitialPublicOffering_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NetProceedsFromIssuanceInitialPublicOffering_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net cash inflow associated with the amount received from entity's first offering of stock to the public.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NetProceedsFromIssuanceInitialPublicOffering_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net Proceeds from Issuance Initial Public Offering</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NetProceedsFromIssuanceInitialPublicOffering_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Net cash proceeds from offering</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InitialPublicOfferingUnderwritingDiscountsCommissionsAndOfferingExpenses" xlink:label="rig_InitialPublicOfferingUnderwritingDiscountsCommissionsAndOfferingExpenses" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InitialPublicOfferingUnderwritingDiscountsCommissionsAndOfferingExpenses" xlink:to="rig_InitialPublicOfferingUnderwritingDiscountsCommissionsAndOfferingExpenses_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InitialPublicOfferingUnderwritingDiscountsCommissionsAndOfferingExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of underwriting discounts, commissions and estimated offering expenses in connection with the entity's first offering of stock to the public.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InitialPublicOfferingUnderwritingDiscountsCommissionsAndOfferingExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Initial Public Offering, Underwriting Discounts, Commissions and Offering Expenses</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InitialPublicOfferingUnderwritingDiscountsCommissionsAndOfferingExpenses_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Underwriting discounts, commissions and offering costs</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SubsidiaryDividendsEliminated" xlink:label="rig_SubsidiaryDividendsEliminated" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SubsidiaryDividendsEliminated" xlink:to="rig_SubsidiaryDividendsEliminated_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SubsidiaryDividendsEliminated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends received from a subsidiary eliminated in the consolidated financial report.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SubsidiaryDividendsEliminated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiary Dividends Eliminated</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SubsidiaryDividendsEliminated_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends received eliminated in consolidation</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DistributionOfQualifyingAdditionalPaidInCapitalAbstract" xlink:label="rig_DistributionOfQualifyingAdditionalPaidInCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DistributionOfQualifyingAdditionalPaidInCapitalAbstract" xlink:to="rig_DistributionOfQualifyingAdditionalPaidInCapitalAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DistributionOfQualifyingAdditionalPaidInCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distribution of Qualifying, Additional Paid in Capital [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DistributionOfQualifyingAdditionalPaidInCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distribution of qualifying additional paid-in capital</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CashDistributionPerShareApprovedAsAdditionalPaidInCapital" xlink:label="rig_CashDistributionPerShareApprovedAsAdditionalPaidInCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CashDistributionPerShareApprovedAsAdditionalPaidInCapital" xlink:to="rig_CashDistributionPerShareApprovedAsAdditionalPaidInCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CashDistributionPerShareApprovedAsAdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash distribution of qualifying additional paid-in capital approved at annual general meeting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CashDistributionPerShareApprovedAsAdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Distribution Per Share, Approved as Additional Paid in Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CashDistributionPerShareApprovedAsAdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash distribution approved in the form of additional paid-in capital (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CashDistributionPerShareProposedAsAdditionalPaidInCapital" xlink:label="rig_CashDistributionPerShareProposedAsAdditionalPaidInCapital" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CashDistributionPerShareProposedAsAdditionalPaidInCapital" xlink:to="rig_CashDistributionPerShareProposedAsAdditionalPaidInCapital_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CashDistributionPerShareProposedAsAdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash distribution of qualifying additional paid-in capital proposed for annual general meeting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CashDistributionPerShareProposedAsAdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Distribution Per Share Proposed As Additional Paid In Capital</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CashDistributionPerShareProposedAsAdditionalPaidInCapital_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash distribution proposed in the form of additional paid-in capital (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfQuarterlyInstallments" xlink:label="rig_NumberOfQuarterlyInstallments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfQuarterlyInstallments" xlink:to="rig_NumberOfQuarterlyInstallments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfQuarterlyInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of quarterly installments to pay the proposed dividend.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfQuarterlyInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Quarterly Installments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfQuarterlyInstallments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of quarterly installments (in installments)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AmountOfInstallment" xlink:label="rig_AmountOfInstallment" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AmountOfInstallment" xlink:to="rig_AmountOfInstallment_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AmountOfInstallment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the amount of each installment of the shareholder approved distribution.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AmountOfInstallment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of Installment</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AmountOfInstallment_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of installment (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_USDollarDenominatedDividend" xlink:label="rig_USDollarDenominatedDividend" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_USDollarDenominatedDividend" xlink:to="rig_USDollarDenominatedDividend_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_USDollarDenominatedDividend_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Approximate aggregate amount of U.S. dollar-denominated distribution of qualifying additional paid-in capital approved by the shareholders at annual general meeting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_USDollarDenominatedDividend_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">US Dollar Denominated Dividend</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_USDollarDenominatedDividend_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Liability for distribution payable</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfQuarterlyInstallmentsPaid" xlink:label="rig_NumberOfQuarterlyInstallmentsPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfQuarterlyInstallmentsPaid" xlink:to="rig_NumberOfQuarterlyInstallmentsPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfQuarterlyInstallmentsPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of quarterly installments paid from the proposed dividend.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfQuarterlyInstallmentsPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Quarterly Installments Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfQuarterlyInstallmentsPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of installments paid (in installments)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DividendsPayableCurrent" xlink:label="us-gaap_DividendsPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DividendsPayableCurrent" xlink:to="us-gaap_DividendsPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DividendsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividends Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DividendsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unpaid distribution payable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_DividendsPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Distribution payable</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareIssuanceAbstract" xlink:label="rig_ShareIssuanceAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareIssuanceAbstract" xlink:to="rig_ShareIssuanceAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareIssuanceAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Issuance [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareIssuanceAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share issuances</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareRepurchaseUsdExchangeRate" xlink:label="rig_ShareRepurchaseUsdExchangeRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareRepurchaseUsdExchangeRate" xlink:to="rig_ShareRepurchaseUsdExchangeRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareRepurchaseUsdExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share repurchase USD exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareRepurchaseUsdExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Repurchase Usd Exchange Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareRepurchaseUsdExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share repurchase USD exchange rate</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:label="us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DisclosureOfRepurchaseAgreementsAbstract" xlink:to="us-gaap_DisclosureOfRepurchaseAgreementsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DisclosureOfRepurchaseAgreementsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Disclosure of Repurchase Agreements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DisclosureOfRepurchaseAgreementsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares held in treasury</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AuthorizedAggregatePurchasePriceOfSharesForCancellation" xlink:label="rig_AuthorizedAggregatePurchasePriceOfSharesForCancellation" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AuthorizedAggregatePurchasePriceOfSharesForCancellation" xlink:to="rig_AuthorizedAggregatePurchasePriceOfSharesForCancellation_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AuthorizedAggregatePurchasePriceOfSharesForCancellation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate purchase price of shares approved and authorized for intended cancellation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AuthorizedAggregatePurchasePriceOfSharesForCancellation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Authorized Aggregate Purchase Price of Shares for Cancellation</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AuthorizedAggregatePurchasePriceOfSharesForCancellation_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Authorized amount for repurchase of shares</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareRepurchaseChfExchangeRate" xlink:label="rig_ShareRepurchaseChfExchangeRate" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareRepurchaseChfExchangeRate" xlink:to="rig_ShareRepurchaseChfExchangeRate_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareRepurchaseChfExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share repurchase CHF exchange rate.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareRepurchaseChfExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Repurchase Chf Exchange Rate</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareRepurchaseChfExchangeRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share repurchase CHF exchange rate</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SharesHeldBySubsidiaryAbstract" xlink:label="rig_SharesHeldBySubsidiaryAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SharesHeldBySubsidiaryAbstract" xlink:to="rig_SharesHeldBySubsidiaryAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SharesHeldBySubsidiaryAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares Held by Subsidiary [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SharesHeldBySubsidiaryAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares held by subsidiary</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfSubsidiariesToWhomSharesWereIssued" xlink:label="rig_NumberOfSubsidiariesToWhomSharesWereIssued" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfSubsidiariesToWhomSharesWereIssued" xlink:to="rig_NumberOfSubsidiariesToWhomSharesWereIssued_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfSubsidiariesToWhomSharesWereIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of subsidiaries to whom shares were issued for future use to satisfy our obligations to deliver shares in connection with awards granted under our incentive plans or other rights to acquire our shares.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfSubsidiariesToWhomSharesWereIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Subsidiaries to whom Shares were Issued</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfSubsidiariesToWhomSharesWereIssued_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of subsidiaries to whom shares were issued</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CommonStockHeldBySubsidiaryShares" xlink:label="rig_CommonStockHeldBySubsidiaryShares" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CommonStockHeldBySubsidiaryShares" xlink:to="rig_CommonStockHeldBySubsidiaryShares_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CommonStockHeldBySubsidiaryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of shares held by subsidiary, which were issued for the purpose of granting the shares to senior employees as part of an employee stock option plan approved by the Entity's Board of Directors.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CommonStockHeldBySubsidiaryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Common Stock Held by Subsidiary Shares</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CommonStockHeldBySubsidiaryShares_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of shares held by subsidiary</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:label="us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember" xlink:to="us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Defined Benefit Plans Adjustment [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined benefit pension plans</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccumulatedOtherComprehensiveIncomeLossLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accumulated Other Comprehensive Income (Loss) [Line Items]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OperatingExpenseMember" xlink:label="us-gaap_OperatingExpenseMember" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OperatingExpenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Expense [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">General And Administrative Expense [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_GeneralAndAdministrativeExpenseMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">General and administrative costs</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xlink:label="us-gaap_ReclassificationAdjustmentOutOfAccumulatedOtherComprehensiveIncomeLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Actuarial losses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xlink:label="us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIDefinedBenefitPlansForSettlementsAndCurtailmentsBeforeTax" xlink:label="rig_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIDefinedBenefitPlansForSettlementsAndCurtailmentsBeforeTax" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TimeBasedTwoYearAwardMember" xlink:label="rig_TimeBasedTwoYearAwardMember" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TimeBasedTwoYearAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Awards subject to a two-year measurement period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TimeBasedTwoYearAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Time Based Two Year Award [Member]</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TimeBasedThreeYearAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Awards subject to a three-year measurement period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TimeBasedThreeYearAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Time Based Three Year Award [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TimeBasedThreeYearAwardMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Three-year Awards</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AwardTypeAxis" xlink:label="us-gaap_AwardTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardAwardTypeAndPlanNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Award [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeStockOptionMember" xlink:label="us-gaap_EmployeeStockOptionMember" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeStockOptionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee Stock Option [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeStockOptionMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock options</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeferredUnitsMember" xlink:label="rig_DeferredUnitsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares authorized under the plan</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Shares available for grant under the plan</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardMeasurementPeriod" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardMeasurementPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardMeasurementPeriod" xlink:to="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardMeasurementPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardMeasurementPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the measurement period of the awards granted under the plan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardMeasurementPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement by Share Based Payment Award, Award, Measurement Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardMeasurementPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Measurement period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vesting period</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationNumberOfEqualInstallmentsVesting" xlink:label="rig_ShareBasedCompensationNumberOfEqualInstallmentsVesting" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareBasedCompensationNumberOfEqualInstallmentsVesting" xlink:to="rig_ShareBasedCompensationNumberOfEqualInstallmentsVesting_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareBasedCompensationNumberOfEqualInstallmentsVesting_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of equal installments over which share-based awards vest.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationNumberOfEqualInstallmentsVesting_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Number of Equal Installments Vesting</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationNumberOfEqualInstallmentsVesting_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of equal installments vesting</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardExpirationPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">General term of awards after they are vested</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total unrecognized compensation costs related to all unvested share based awards</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1" xlink:to="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average period over compensation costs are expected to be recognized</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional share based compensation expense in connection with modification of share-based awards</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Stock option activity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding at the end of the period (in shares)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding at the beginning of the period (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Granted (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised" xlink:to="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exercised (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Forfeited (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Expirations in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expired (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vested and exercisable at the end of the period (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedInPeriodFairValue1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total grant-date fair value of awards vested</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber" xlink:to="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">As of the balance sheet date, the number of shares into which expected to vest stock options outstanding can be converted under the option plan.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement by Share Based Payment Award Options Expected to Vest Outstanding Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpectedToVestOutstandingNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Unvested options outstanding (in shares)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageExercisePriceRollForward" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageExercisePriceRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageExercisePriceRollForward" xlink:to="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageExercisePriceRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageExercisePriceRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement by Share Based Payment Award Options, Weighted Average Exercise Price [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageExercisePriceRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted-average exercise price per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding at the end of the period (in dollars per share)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding at the beginning of the period (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exercised (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangements by Share-based Payment Award, Options, Forfeitures in Period, Weighted Average Exercise Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Forfeited (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangements by Share-based Payment Award, Options, Expirations in Period, Weighted Average Exercise Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Expired (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vested and exercisable at the end of the period (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermAbstract" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermAbstract" xlink:to="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement by Share Based Payment Award, Options Weighted Average Remaining Contractual Term [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsWeightedAverageRemainingContractualTermAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted-average remaining contractual term</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1" xlink:to="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vested and exercisable at the end of the period</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIntrinsicValueAbstract" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIntrinsicValueAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIntrinsicValueAbstract" xlink:to="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIntrinsicValueAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIntrinsicValueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement by Share Based Payment Award, Options Intrinsic Value [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsIntrinsicValueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate intrinsic value (in millions)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate intrinsic value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exercised during the period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsAdditionalDisclosuresAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Additional disclosure</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity instruments other than options activity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding at the beginning of the period (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Granted (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vested (in shares)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndCancelledInPeriod" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndCancelledInPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndCancelledInPeriod" xlink:to="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndCancelledInPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndCancelledInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The number of equity-based payment instruments, excluding stock (or unit) options, that vested and cancelled during the reporting period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndCancelledInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Vested And Cancelled In Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndCancelledInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vested and cancelled</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Forfeited (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding at the end of the period (in shares)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndExercisableNumber" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndExercisableNumber" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndExercisableNumber" xlink:to="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndExercisableNumber_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndExercisableNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the number of equity-based payment compensation instruments other than options measured in number of shares, vested and exercisable at the end of the period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndExercisableNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options Vested and Exercisable Number</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedAndExercisableNumber_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vested and exercisable at the end of the period (in shares)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueAbstract" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options Nonvested Weighted Average Grant Date Fair Value [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValueAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted-average grant-date fair value per share</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding at the end of the period (in dollars per share)</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding at the beginning of the period (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Granted (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue" xlink:to="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vested (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedAndCancelledInPeriodWeightedAverageGrantDateFairValue" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedAndCancelledInPeriodWeightedAverageGrantDateFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedAndCancelledInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Weighted average fair value as of the grant date of equity-based award plans other than stock (unit) option plans that were vested and subsequently cancelled as a result of not satisfying the market condition assigned to the award.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedAndCancelledInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments OtherThan Options Vested And Cancelled In Period Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherthanOptionsVestedAndCancelledInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Vested and cancelled (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeitures, Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Forfeited (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Granted (in dollars per share)</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageExercisePriceAbstract" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageExercisePriceAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsOutstandingWeightedAverageRemainingContractualTerms_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Outstanding</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisableWeightedAverageRemainingContractualTerm_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The weighted average period between the balance-sheet date and expiration for all vested portions of equity instruments other than options outstanding and currently exercisable (or convertible) under the plan, which may be expressed in a decimal value for number of years.</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsAdditionalDisclosuresAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The decrease in the number of reserved shares that could potentially be issued attributable to the exercise or conversion during the reporting period of previously issued stock appreciation rights.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other than Options Exercised in Period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsExercisedInPeriod_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Exercises (in shares)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsAndMethodologyAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Option valuation assumptions</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Dividend yield (as a percent)</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xlink:label="us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredRevenueCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenue</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeferredRevenueCurrentOfConsolidatedVariableInterestEntities" xlink:label="rig_DeferredRevenueCurrentOfConsolidatedVariableInterestEntities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeferredRevenueCurrentOfConsolidatedVariableInterestEntities" xlink:to="rig_DeferredRevenueCurrentOfConsolidatedVariableInterestEntities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeferredRevenueCurrentOfConsolidatedVariableInterestEntities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Current consolidated deferred revenue of variable interest entities amount as of balance sheet date. Consolidated deferred revenue of variable interest entities is a liability related to revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeferredRevenueCurrentOfConsolidatedVariableInterestEntities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenue Current of Consolidated Variable Interest Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeferredRevenueCurrentOfConsolidatedVariableInterestEntities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenue of consolidated variable interest entities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:label="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent" xlink:to="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrual for Taxes Other than Income Taxes, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccrualForTaxesOtherThanIncomeTaxesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued taxes, other than income</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPayableCurrent" xlink:label="us-gaap_InterestPayableCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPayableCurrent" xlink:to="us-gaap_InterestPayableCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Payable, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestPayableCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LossContingencyAccrualCarryingValueCurrent" xlink:label="us-gaap_LossContingencyAccrualCarryingValueCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LossContingencyAccrualCarryingValueCurrent" xlink:to="us-gaap_LossContingencyAccrualCarryingValueCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LossContingencyAccrualCarryingValueCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Loss Contingency, Accrual, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LossContingencyAccrualCarryingValueCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Contingent liabilities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SettlementObligationsPaymentsCurrent" xlink:label="rig_SettlementObligationsPaymentsCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SettlementObligationsPaymentsCurrent" xlink:to="rig_SettlementObligationsPaymentsCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SettlementObligationsPaymentsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of settlement obligation redeemable at fixed or determinable prices and dates maturing in the next rolling twelve months following the latest balance sheet presented.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SettlementObligationsPaymentsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Settlement Obligations Payments Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SettlementObligationsPaymentsCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Macondo well incident settlement obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherSundryLiabilitiesCurrent" xlink:label="us-gaap_OtherSundryLiabilitiesCurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSundryLiabilitiesCurrent" xlink:to="us-gaap_OtherSundryLiabilitiesCurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherSundryLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Sundry Liabilities, Current</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherSundryLiabilitiesCurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherLiabilitiesNoncurrentAbstract" xlink:label="us-gaap_OtherLiabilitiesNoncurrentAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherLiabilitiesNoncurrentAbstract" xlink:to="us-gaap_OtherLiabilitiesNoncurrentAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherLiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Liabilities, Noncurrent [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherLiabilitiesNoncurrentAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other long-term liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AccruedIncomeTaxesNoncurrent" xlink:label="us-gaap_AccruedIncomeTaxesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AccruedIncomeTaxesNoncurrent" xlink:to="us-gaap_AccruedIncomeTaxesNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AccruedIncomeTaxesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued Income Taxes, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AccruedIncomeTaxesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term income taxes payable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent" xlink:label="us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent" xlink:to="us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Defined Benefit Pension Plan, Liabilities, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued pension liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_DeferredRevenueNoncurrent" xlink:label="us-gaap_DeferredRevenueNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_DeferredRevenueNoncurrent" xlink:to="us-gaap_DeferredRevenueNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_DeferredRevenueNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenue, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_DeferredRevenueNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenue</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DeferredRevenueOfConsolidatedVariableInterestEntities" xlink:label="rig_DeferredRevenueOfConsolidatedVariableInterestEntities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DeferredRevenueOfConsolidatedVariableInterestEntities" xlink:to="rig_DeferredRevenueOfConsolidatedVariableInterestEntities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DeferredRevenueOfConsolidatedVariableInterestEntities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Noncurrent consolidated deferred revenue of variable interest entities amount as of balance sheet date. Consolidated deferred revenue of variable interest entities is a liability related to revenue producing activity for which revenue has not yet been recognized, and is not expected to be recognized in the next twelve months. Generally, an entity records deferred revenue when it receives consideration from a customer before achieving certain criteria that must be met for revenue to be recognized in conformity with GAAP.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DeferredRevenueOfConsolidatedVariableInterestEntities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred Revenue of Consolidated Variable Interest Entities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DeferredRevenueOfConsolidatedVariableInterestEntities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deferred revenue of consolidated variable interest entities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_DrillingContractIntangibles" xlink:label="rig_DrillingContractIntangibles" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_DrillingContractIntangibles" xlink:to="rig_DrillingContractIntangibles_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_DrillingContractIntangibles_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amount as of the balance sheet date of the definite-lived contract drilling intangible liabilities acquired associated with executory contracts to provide offshore contract drilling services.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_DrillingContractIntangibles_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Drilling Contract Intangibles</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_DrillingContractIntangibles_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Drilling contract intangibles</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent" xlink:label="us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent" xlink:to="us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Postretirement Defined Benefit Plan, Liabilities, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Accrued retiree life insurance and medical benefits</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_SettlementObligationsPaymentsNoncurrent" xlink:label="rig_SettlementObligationsPaymentsNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_SettlementObligationsPaymentsNoncurrent" xlink:to="rig_SettlementObligationsPaymentsNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_SettlementObligationsPaymentsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Amount of settlement obligation redeemable at fixed or determinable prices and dates maturing after the rolling twelve months following the latest balance sheet presented.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_SettlementObligationsPaymentsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Settlement Obligations Payments Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_SettlementObligationsPaymentsNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Macondo well incident settlement obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_OtherSundryLiabilitiesNoncurrent" xlink:label="us-gaap_OtherSundryLiabilitiesNoncurrent" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_OtherSundryLiabilitiesNoncurrent" xlink:to="us-gaap_OtherSundryLiabilitiesNoncurrent_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_OtherSundryLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Sundry Liabilities, Noncurrent</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_OtherSundryLiabilitiesNoncurrent_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract" xlink:to="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Operating Capital [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInOperatingCapitalAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Changes in operating assets and liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsReceivable" xlink:to="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Accounts Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease (increase) in accounts receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherCurrentAssets" xlink:to="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Other Current Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherCurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase in other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherOperatingAssets" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherOperatingAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Other Operating Assets</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities" xlink:to="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Accounts Payable and Accrued Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInAccountsPayableAndAccruedLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (decrease) in accounts payable and other current liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:label="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities" xlink:to="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Other Noncurrent Liabilities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncreaseDecreaseInOtherNoncurrentLiabilities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Decrease in other long-term liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:label="us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncreaseDecreaseInIncomeTaxesReceivable" xlink:to="us-gaap_IncreaseDecreaseInIncomeTaxesReceivable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncreaseDecreaseInIncomeTaxesReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Increase (Decrease) in Income Taxes Receivable</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="us-gaap_IncreaseDecreaseInIncomeTaxesReceivable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Change in income taxes receivable / payable, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SupplementalCashFlowInformationAbstract" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SupplementalCashFlowInformationAbstract" xlink:to="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SupplementalCashFlowInformationAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Supplemental Cash Flow Information [Abstract]</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestPaid" xlink:label="us-gaap_InterestPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestPaid" xlink:to="us-gaap_InterestPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash payments for interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeTaxesPaid" xlink:label="us-gaap_IncomeTaxesPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeTaxesPaid" xlink:to="us-gaap_IncomeTaxesPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income Taxes Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_IncomeTaxesPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash payments for income taxes</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract" xlink:to="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Flow, Noncash Investing and Financing Activities Disclosure [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non-cash investing and financing activities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CapitalExpendituresIncurredButNotYetPaid" xlink:to="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital Expenditures Incurred but Not yet Paid</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CapitalExpendituresIncurredButNotYetPaid_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Capital expenditures, accrued at end of period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SignificantAcquisitionsAndDisposalsLineItems" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SignificantAcquisitionsAndDisposalsLineItems" xlink:to="us-gaap_SignificantAcquisitionsAndDisposalsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant Acquisitions and Disposals [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Significant Acquisitions and Disposals</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_SignificantAcquisitionsAndDisposalsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quarterly results</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueByBalanceSheetGroupingTable" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByBalanceSheetGroupingTable" xlink:to="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByBalanceSheetGroupingTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value, by Balance Sheet Grouping [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueByMeasurementBasisAxis" xlink:label="us-gaap_FairValueByMeasurementBasisAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueByMeasurementBasisAxis" xlink:to="us-gaap_FairValueByMeasurementBasisAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueByMeasurementBasisAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Measurement Basis [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueDisclosureItemAmountsDomain" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueDisclosureItemAmountsDomain" xlink:to="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Disclosure Item Amounts [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueDisclosureItemAmountsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value Measurement [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CarryingReportedAmountFairValueDisclosureMember" xlink:to="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying Reported Amount Fair Value Disclosure [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CarryingReportedAmountFairValueDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amount</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EstimateOfFairValueFairValueDisclosureMember" xlink:to="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Estimate Of Fair Value Fair Value Disclosure [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EstimateOfFairValueFairValueDisclosureMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair value</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_CertainContingentObligationsMember" xlink:label="rig_CertainContingentObligationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_CertainContingentObligationsMember" xlink:to="rig_CertainContingentObligationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_CertainContingentObligationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents certain contingent obligations.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_CertainContingentObligationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Certain Contingent Obligations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_CertainContingentObligationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Certain contingent obligations</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TpdiAndAddclCreditFacilitiesMember" xlink:label="rig_TpdiAndAddclCreditFacilitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TpdiAndAddclCreditFacilitiesMember" xlink:to="rig_TpdiAndAddclCreditFacilitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TpdiAndAddclCreditFacilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents TPDI and ADDCL Credit Facilities.</label>
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TpdiAndAddclCreditFacilitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">ADDCL Credit Facilities and other obligations</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems" xlink:to="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial instruments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:label="us-gaap_CashAndCashEquivalentsFairValueDisclosure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashAndCashEquivalentsFairValueDisclosure" xlink:to="us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and Cash Equivalents, Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashAndCashEquivalentsFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash and cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NotesReceivableFairValueDisclosure" xlink:label="us-gaap_NotesReceivableFairValueDisclosure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NotesReceivableFairValueDisclosure" xlink:to="us-gaap_NotesReceivableFairValueDisclosure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NotesReceivableFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes Receivable, Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NotesReceivableFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Notes and other loans receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongTermDebtFairValue" xlink:label="us-gaap_LongTermDebtFairValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongTermDebtFairValue" xlink:to="us-gaap_LongTermDebtFairValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongTermDebtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Fair Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongTermDebtFairValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term debt, including current maturities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LongTermDebtOfConsolidatedVIEIncludingCurrentMaturitiesFairValueDisclosure" xlink:label="rig_LongTermDebtOfConsolidatedVIEIncludingCurrentMaturitiesFairValueDisclosure" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LongTermDebtOfConsolidatedVIEIncludingCurrentMaturitiesFairValueDisclosure" xlink:to="rig_LongTermDebtOfConsolidatedVIEIncludingCurrentMaturitiesFairValueDisclosure_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_LongTermDebtOfConsolidatedVIEIncludingCurrentMaturitiesFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the portion of the balance sheet assertion valued at fair value by the entity whether such amount is presented as a separate caption, parenthetical disclosure or within the fair value disclosures required in the footnote disclosures to the financial statements. This item represents the aggregate carrying amount of long-term borrowings of consolidated variable interest entities, including current and noncurrent portions, as of the balance sheet date.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LongTermDebtOfConsolidatedVIEIncludingCurrentMaturitiesFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long Term Debt of Consolidated VIE Including, Current Maturities, Fair Value Disclosure</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LongTermDebtOfConsolidatedVIEIncludingCurrentMaturitiesFairValueDisclosure_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term debt of consolidated variable interest entities, including current maturities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CashEquivalentsAtCarryingValue" xlink:label="us-gaap_CashEquivalentsAtCarryingValue" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CashEquivalentsAtCarryingValue" xlink:to="us-gaap_CashEquivalentsAtCarryingValue_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Cash Equivalents, at Carrying Value</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CashEquivalentsAtCarryingValue_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Carrying amount of cash equivalents</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:label="us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract" xlink:to="us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_FinancialInstrumentsFinancialLiabilitiesBalanceSheetGroupingsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Debt</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_LongtermDebtPercentageBearingFixedInterestAmount" xlink:label="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount" xlink:to="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-term Debt, Percentage Bearing Fixed Interest, Amount</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_LongtermDebtPercentageBearingFixedInterestAmount_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Fixed rate debt</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InterestRateRisksAbstract" xlink:label="rig_InterestRateRisksAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InterestRateRisksAbstract" xlink:to="rig_InterestRateRisksAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InterestRateRisksAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Rate Risks [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InterestRateRisksAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest rate risk</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_MinimumMaturityPeriodOfDebtForExposureToMarketRisks" xlink:label="rig_MinimumMaturityPeriodOfDebtForExposureToMarketRisks" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_MinimumMaturityPeriodOfDebtForExposureToMarketRisks" xlink:to="rig_MinimumMaturityPeriodOfDebtForExposureToMarketRisks_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_MinimumMaturityPeriodOfDebtForExposureToMarketRisks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the minimum maturity period of debt for exposure to changes in market interest rates when the entity refinances maturing debt with new debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_MinimumMaturityPeriodOfDebtForExposureToMarketRisks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Minimum Maturity Period of Debt for Exposure to Market Risks</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_MinimumMaturityPeriodOfDebtForExposureToMarketRisks_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Maturity period of debt for exposure to changes in market interest rates, minimum</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_LaborAgreementsAbstract" xlink:label="rig_LaborAgreementsAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_LaborAgreementsAbstract" xlink:to="rig_LaborAgreementsAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_LaborAgreementsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Labor Agreements [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_LaborAgreementsAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Labor Agreements</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/dei/2013/dei-2013-01-31.xsd#dei_EntityNumberOfEmployees" xlink:label="dei_EntityNumberOfEmployees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityNumberOfEmployees" xlink:to="dei_EntityNumberOfEmployees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityNumberOfEmployees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Entity Number of Employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="dei_EntityNumberOfEmployees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of employees</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_NumberOfContractEmployees" xlink:label="rig_NumberOfContractEmployees" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_NumberOfContractEmployees" xlink:to="rig_NumberOfContractEmployees_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_NumberOfContractEmployees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of contract employees of entity at end of period.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_NumberOfContractEmployees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Contract Employees</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_NumberOfContractEmployees_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of employees engaged through contract labor providers</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NumberOfOperatingSegments" xlink:label="us-gaap_NumberOfOperatingSegments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NumberOfOperatingSegments" xlink:to="us-gaap_NumberOfOperatingSegments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of Operating Segments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NumberOfOperatingSegments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Number of operating segments</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:label="us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable" xlink:to="us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRevenuesFromExternalCustomersAndLongLivedAssetsTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Revenues from External Customers and Long-Lived Assets [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_US" xlink:label="country_US" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_US" xlink:to="country_US_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_US_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U [S]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_US_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">U.S.</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherCountriesMember" xlink:label="rig_OtherCountriesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherCountriesMember" xlink:to="rig_OtherCountriesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherCountriesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the other countries which do not cross the threshold to be disclosed individually.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherCountriesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Countries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherCountriesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other countries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:label="us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems" xlink:to="us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revenues from External Customers and Long-Lived Assets [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating segments, geographical analysis and major customers</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.sec.gov/country/2013/country-2013-01-31.xsd#country_CH" xlink:label="country_CH" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="country_CH" xlink:to="country_CH_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="country_CH_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">C [H]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="country_CH_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Switzerland</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NoncurrentAssets" xlink:label="us-gaap_NoncurrentAssets" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NoncurrentAssets" xlink:to="us-gaap_NoncurrentAssets_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-Lived Assets</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NoncurrentAssets_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Long-lived assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskTable" xlink:label="us-gaap_ConcentrationRiskTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskTable" xlink:to="us-gaap_ConcentrationRiskTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByBenchmarkAxis" xlink:to="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskByBenchmarkAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Benchmark [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskBenchmarkDomain" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskBenchmarkDomain" xlink:to="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Benchmark [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskBenchmarkDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Benchmark [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OperatingRevenueMember" xlink:label="rig_OperatingRevenueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OperatingRevenueMember" xlink:to="rig_OperatingRevenueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OperatingRevenueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate operating revenue during the period, when it serves as a benchmark in a concentration of risk calculation.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OperatingRevenueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating Revenue [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OperatingRevenueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Total operating revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskByTypeAxis" xlink:label="us-gaap_ConcentrationRiskByTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskByTypeAxis" xlink:to="us-gaap_ConcentrationRiskByTypeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskByTypeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskTypeDomain" xlink:label="us-gaap_ConcentrationRiskTypeDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskTypeDomain" xlink:to="us-gaap_ConcentrationRiskTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Type [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskTypeDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk Type [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CustomerConcentrationRiskMember" xlink:label="us-gaap_CustomerConcentrationRiskMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CustomerConcentrationRiskMember" xlink:to="us-gaap_CustomerConcentrationRiskMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CustomerConcentrationRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer Concentration Risk [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CustomerConcentrationRiskMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Operating revenues</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MajorCustomersAxis" xlink:label="us-gaap_MajorCustomersAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MajorCustomersAxis" xlink:to="us-gaap_MajorCustomersAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MajorCustomersAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NameOfMajorCustomerDomain" xlink:label="us-gaap_NameOfMajorCustomerDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NameOfMajorCustomerDomain" xlink:to="us-gaap_NameOfMajorCustomerDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NameOfMajorCustomerDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Name Of Major Customer [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NameOfMajorCustomerDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Customer [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ChevronCorporationMember" xlink:label="rig_ChevronCorporationMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ChevronCorporationMember" xlink:to="rig_ChevronCorporationMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ChevronCorporationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents Chevron Corporation, one of the significant customers of the reporting entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ChevronCorporationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Chevron Corporation [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ChevronCorporationMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Chevron Corporation</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_BPMember" xlink:label="rig_BPMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_BPMember" xlink:to="rig_BPMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_BPMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the entity, BP.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_BPMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">B P [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_BPMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">BP</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PetrobrasMember" xlink:label="rig_PetrobrasMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PetrobrasMember" xlink:to="rig_PetrobrasMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PetrobrasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents Petrobras, one of the significant customers of the reporting entity.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PetrobrasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Petrobras [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_PetrobrasMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Petrobras</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskLineItems" xlink:label="us-gaap_ConcentrationRiskLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskLineItems" xlink:to="us-gaap_ConcentrationRiskLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConcentrationRiskPercentage1" xlink:label="us-gaap_ConcentrationRiskPercentage1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConcentrationRiskPercentage1" xlink:to="us-gaap_ConcentrationRiskPercentage1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Concentration Risk, Percentage</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConcentrationRiskPercentage1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Percentage of concentration</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CondensedIncomeStatementTable" xlink:label="us-gaap_CondensedIncomeStatementTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CondensedIncomeStatementTable" xlink:to="us-gaap_CondensedIncomeStatementTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CondensedIncomeStatementTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Income Statement [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConsolidationItemsAxis" xlink:label="us-gaap_ConsolidationItemsAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationItemsAxis" xlink:to="us-gaap_ConsolidationItemsAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidationItemsAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidation Items [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConsolidationItemsDomain" xlink:label="us-gaap_ConsolidationItemsDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationItemsDomain" xlink:to="us-gaap_ConsolidationItemsDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidationItemsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidation Items [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConsolidationItemsDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidation Items [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ReportableLegalEntitiesMember" xlink:label="us-gaap_ReportableLegalEntitiesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ReportableLegalEntitiesMember" xlink:to="us-gaap_ReportableLegalEntitiesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ReportableLegalEntitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reportable Legal Entities [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ReportableLegalEntitiesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reportable Entity</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ConsolidationEliminationsMember" xlink:label="us-gaap_ConsolidationEliminationsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ConsolidationEliminationsMember" xlink:to="us-gaap_ConsolidationEliminationsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ConsolidationEliminationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidation Eliminations [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ConsolidationEliminationsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Consolidating adjustments</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ParentCompanyGuarantorMember" xlink:label="rig_ParentCompanyGuarantorMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ParentCompanyGuarantorMember" xlink:to="rig_ParentCompanyGuarantorMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ParentCompanyGuarantorMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The registrant that controls, directly or indirectly, another entity (or entities) and has guaranteed the issue of securities by its subsidiary . The usual condition for control is ownership of a majority (over 50%) of the outstanding voting stock. The power to control may also exist with a lesser percentage of ownership, for example, by contract, lease, agreement with other stockholders or by court decree.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ParentCompanyGuarantorMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Parent Company Guarantor [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_ParentCompanyGuarantorMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Parent Guarantor</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SubsidiaryIssuerMember" xlink:label="us-gaap_SubsidiaryIssuerMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsidiaryIssuerMember" xlink:to="us-gaap_SubsidiaryIssuerMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsidiaryIssuerMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiary Issuer [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsidiaryIssuerMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsidiary Issuer</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_NonGuarantorSubsidiariesMember" xlink:label="us-gaap_NonGuarantorSubsidiariesMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_NonGuarantorSubsidiariesMember" xlink:to="us-gaap_NonGuarantorSubsidiariesMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_NonGuarantorSubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Non Guarantor Subsidiaries [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_NonGuarantorSubsidiariesMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Subsidiaries</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CondensedIncomeStatementsCaptionsLineItems" xlink:label="us-gaap_CondensedIncomeStatementsCaptionsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CondensedIncomeStatementsCaptionsLineItems" xlink:to="us-gaap_CondensedIncomeStatementsCaptionsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CondensedIncomeStatementsCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Income Statements, Captions [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CondensedIncomeStatementsCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Consolidating Financial Information</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InterestIncomeExpenseNet" xlink:label="us-gaap_InterestIncomeExpenseNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InterestIncomeExpenseNet" xlink:to="us-gaap_InterestIncomeExpenseNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest Income (Expense), Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InterestIncomeExpenseNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Interest income (expense), net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_IncomeLossFromEquityMethodInvestments" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_IncomeLossFromEquityMethodInvestments" xlink:to="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Income (Loss) from Equity Method Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/verboseLabel" xlink:label="us-gaap_IncomeLossFromEquityMethodInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity in earnings</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherNonoperatingIncomeExpenseAndGainLossOnRetirementOfDebt" xlink:label="rig_OtherNonoperatingIncomeExpenseAndGainLossOnRetirementOfDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherNonoperatingIncomeExpenseAndGainLossOnRetirementOfDebt" xlink:to="rig_OtherNonoperatingIncomeExpenseAndGainLossOnRetirementOfDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherNonoperatingIncomeExpenseAndGainLossOnRetirementOfDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net amount of other nonoperating income and expense, which does not qualify for separate disclosure on the income statement under materiality guidelines including the gains and losses included in earnings resulting from the extinguishment of debt.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherNonoperatingIncomeExpenseAndGainLossOnRetirementOfDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Nonoperating Income (Expense) and Gain (Loss) on Retirement of Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherNonoperatingIncomeExpenseAndGainLossOnRetirementOfDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CondensedBalanceSheetStatementTable" xlink:label="us-gaap_CondensedBalanceSheetStatementTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CondensedBalanceSheetStatementTable" xlink:to="us-gaap_CondensedBalanceSheetStatementTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CondensedBalanceSheetStatementTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Balance Sheet Statement [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:label="us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems" xlink:to="us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Balance Sheet Statements, Captions [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CondensedBalanceSheetStatementsCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Consolidating Financial Information</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherAssetsCurrentLessCash" xlink:label="rig_OtherAssetsCurrentLessCash" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherAssetsCurrentLessCash" xlink:to="rig_OtherAssetsCurrentLessCash_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherAssetsCurrentLessCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sum of the carrying amounts, as of the balance sheet date, of all current assets, less cash and cash equivalents, that are expected to be realized or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherAssetsCurrentLessCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Assets Current Less Cash</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherAssetsCurrentLessCash_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures" xlink:to="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investments in and Advance to Affiliates, Subsidiaries, Associates, and Joint Ventures</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InvestmentsInAffiliatesSubsidiariesAssociatesAndJointVentures_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment in affiliates</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherAssetsNoncurrentExcludingInvestments" xlink:label="rig_OtherAssetsNoncurrentExcludingInvestments" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherAssetsNoncurrentExcludingInvestments" xlink:to="rig_OtherAssetsNoncurrentExcludingInvestments_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherAssetsNoncurrentExcludingInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Aggregate carrying amount, as of the balance sheet date, of noncurrent assets not separately disclosed in the balance sheet. Noncurrent assets are expected to be realized or consumed after one year (or the normal operating cycle, if longer), excluding investments in affiliates.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherAssetsNoncurrentExcludingInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Assets Noncurrent Excluding Investments</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherAssetsNoncurrentExcludingInvestments_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other assets</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherLiabilitiesCurrentLessDebtDueWithinOneYear" xlink:label="rig_OtherLiabilitiesCurrentLessDebtDueWithinOneYear" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherLiabilitiesCurrentLessDebtDueWithinOneYear" xlink:to="rig_OtherLiabilitiesCurrentLessDebtDueWithinOneYear_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherLiabilitiesCurrentLessDebtDueWithinOneYear_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sum of the carrying amounts, as of the balance sheet date, of all current obligations, less debt due within one year. Current liabilities are expected to be paid within one year (or the normal operating cycle, if longer).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherLiabilitiesCurrentLessDebtDueWithinOneYear_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Liabilities Current Less Debt Due within One Year</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherLiabilitiesCurrentLessDebtDueWithinOneYear_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other current liabilities</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherLiabilitiesNoncurrentLessDebt" xlink:label="rig_OtherLiabilitiesNoncurrentLessDebt" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherLiabilitiesNoncurrentLessDebt" xlink:to="rig_OtherLiabilitiesNoncurrentLessDebt_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherLiabilitiesNoncurrentLessDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Sum of the carrying amounts, as of the balance sheet date, of noncurrent obligations, less long-term debt. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherLiabilitiesNoncurrentLessDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Liabilities Noncurrent Less Debt</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherLiabilitiesNoncurrentLessDebt_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other long-term liabilities</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CondensedCashFlowStatementTable" xlink:label="us-gaap_CondensedCashFlowStatementTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CondensedCashFlowStatementTable" xlink:to="us-gaap_CondensedCashFlowStatementTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CondensedCashFlowStatementTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Cash Flow Statement [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_CondensedCashFlowStatementsCaptionsLineItems" xlink:label="us-gaap_CondensedCashFlowStatementsCaptionsLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_CondensedCashFlowStatementsCaptionsLineItems" xlink:to="us-gaap_CondensedCashFlowStatementsCaptionsLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_CondensedCashFlowStatementsCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Cash Flow Statements, Captions [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_CondensedCashFlowStatementsCaptionsLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Condensed Consolidating Financial Information</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_InvestmentActivitiesWithAffiliatesNet" xlink:label="rig_InvestmentActivitiesWithAffiliatesNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_InvestmentActivitiesWithAffiliatesNet" xlink:to="rig_InvestmentActivitiesWithAffiliatesNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_InvestmentActivitiesWithAffiliatesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net cash inflow (outflow) for investing activities with affiliates including loans, working capital transactions, dividends and capital contributions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_InvestmentActivitiesWithAffiliatesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment Activities with Affiliates, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_InvestmentActivitiesWithAffiliatesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investing activities with affiliates, net</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_PaymentsForProceedsFromOtherInvestingActivities1" xlink:label="rig_PaymentsForProceedsFromOtherInvestingActivities1" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_PaymentsForProceedsFromOtherInvestingActivities1" xlink:to="rig_PaymentsForProceedsFromOtherInvestingActivities1_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_PaymentsForProceedsFromOtherInvestingActivities1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net cash outflow or inflow from other investing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_PaymentsForProceedsFromOtherInvestingActivities1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Payments for Proceeds from Other Investing Activities1</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2009/role/negatedLabel" xlink:label="rig_PaymentsForProceedsFromOtherInvestingActivities1_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other, net</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FinancingActivitiesWithAffiliatesNet" xlink:label="rig_FinancingActivitiesWithAffiliatesNet" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FinancingActivitiesWithAffiliatesNet" xlink:to="rig_FinancingActivitiesWithAffiliatesNet_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FinancingActivitiesWithAffiliatesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net cash inflow (outflow) for financing activities with affiliates including loans, working capital transactions, dividends and capital contributions.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FinancingActivitiesWithAffiliatesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financing Activities with Affiliates, Net</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FinancingActivitiesWithAffiliatesNet_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Financing activities with affiliates, net</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_OtherFinancingActivities" xlink:label="rig_OtherFinancingActivities" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_OtherFinancingActivities" xlink:to="rig_OtherFinancingActivities_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_OtherFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The net cash inflow (outflow) from other financing activities.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_OtherFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other Financing Activities</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_OtherFinancingActivities_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Other, net</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable" xlink:to="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfRelatedPartyTransactionsByRelatedPartyTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Schedule of Related Party Transactions, by Related Party [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis" xlink:to="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionsByRelatedPartyAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyDomain" xlink:label="us-gaap_RelatedPartyDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyDomain" xlink:to="us-gaap_RelatedPartyDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party [Domain]</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_QuantumPacificManagementLimitedMember" xlink:label="rig_QuantumPacificManagementLimitedMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_QuantumPacificManagementLimitedMember" xlink:to="rig_QuantumPacificManagementLimitedMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_QuantumPacificManagementLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents Quantum Pacific Management Limited, a Cypriot company and successor in interest to Pacific Drilling Limited, a Liberian company, with whom the entity has entered into a joint venture to own and operate Dhirubhai Deepwater KG1 and Dhirubhai Deepwater KG2.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_QuantumPacificManagementLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quantum Pacific Management Limited [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_QuantumPacificManagementLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Quantum Pacific Management Limited</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RelatedPartyTransactionLineItems" xlink:label="us-gaap_RelatedPartyTransactionLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RelatedPartyTransactionLineItems" xlink:to="us-gaap_RelatedPartyTransactionLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party Transaction [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RelatedPartyTransactionLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Related Party Transactions</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_FinalCashSettlementPaymentNonControllingInterest" xlink:label="rig_FinalCashSettlementPaymentNonControllingInterest" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_FinalCashSettlementPaymentNonControllingInterest" xlink:to="rig_FinalCashSettlementPaymentNonControllingInterest_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_FinalCashSettlementPaymentNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the final cash settlement paid in exchange for redeemable noncontrolling interests.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_FinalCashSettlementPaymentNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Final Cash Settlement Payment Noncontrolling Interest</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_FinalCashSettlementPaymentNonControllingInterest_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Final cash payment for settlement of noncontrolling interest</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EarningsPerShareBasicAndDilutedAbstract" xlink:to="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Earnings Per Share, Basic and Diluted [Abstract]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EarningsPerShareBasicAndDilutedAbstract_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Per share earnings (loss) from continuing operations</label>
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTable" xlink:to="us-gaap_SubsequentEventTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SubsequentEventTypeAxis" xlink:label="us-gaap_SubsequentEventTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventTypeDomain" xlink:to="us-gaap_SubsequentEventTypeDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SubsequentEventMember" xlink:label="us-gaap_SubsequentEventMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SubsequentEventMember" xlink:to="us-gaap_SubsequentEventMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Event</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SubsequentEventLineItems" xlink:label="us-gaap_SubsequentEventLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
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    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent Event [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SubsequentEventLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Subsequent events</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_ProposedQuarterlyDividendsPayableAmountPerShare" xlink:label="rig_ProposedQuarterlyDividendsPayableAmountPerShare" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_ProposedQuarterlyDividendsPayableAmountPerShare" xlink:to="rig_ProposedQuarterlyDividendsPayableAmountPerShare_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_ProposedQuarterlyDividendsPayableAmountPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">The per share amount of a dividend payable per quarter, proposed for annual general meeting.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_ProposedQuarterlyDividendsPayableAmountPerShare_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Proposed Quarterly Dividends Payable Amount Per Share</label>
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    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAndQualifyingAccountsDisclosureTable" xlink:label="us-gaap_ValuationAndQualifyingAccountsDisclosureTable" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAndQualifyingAccountsDisclosureTable" xlink:to="us-gaap_ValuationAndQualifyingAccountsDisclosureTable_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAndQualifyingAccountsDisclosureTable_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation and Qualifying Accounts Disclosure [Table]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:label="us-gaap_ValuationAllowancesAndReservesTypeAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowancesAndReservesTypeAxis" xlink:to="us-gaap_ValuationAllowancesAndReservesTypeAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowancesAndReservesTypeAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation Allowances and Reserves Type [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesDomain" xlink:label="us-gaap_ValuationAllowancesAndReservesDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowancesAndReservesDomain" xlink:to="us-gaap_ValuationAllowancesAndReservesDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowancesAndReservesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation Allowances And Reserves [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ValuationAllowancesAndReservesDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation Allowances and Reserves [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_AllowanceForDoubtfulAccountsMember" xlink:label="us-gaap_AllowanceForDoubtfulAccountsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_AllowanceForDoubtfulAccountsMember" xlink:to="us-gaap_AllowanceForDoubtfulAccountsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_AllowanceForDoubtfulAccountsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance For Doubtful Accounts [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_AllowanceForDoubtfulAccountsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for doubtful accounts receivable</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_InventoryValuationAndObsolescenceMember" xlink:label="us-gaap_InventoryValuationAndObsolescenceMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_InventoryValuationAndObsolescenceMember" xlink:to="us-gaap_InventoryValuationAndObsolescenceMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_InventoryValuationAndObsolescenceMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Inventory Valuation And Obsolescence [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_InventoryValuationAndObsolescenceMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Allowance for obsolete materials and supplies</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember" xlink:label="us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember" xlink:to="us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation Allowance Of Deferred Tax Assets [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ValuationAllowanceOfDeferredTaxAssetsMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation allowance on deferred tax assets</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAndQualifyingAccountsDisclosureLineItems" xlink:label="us-gaap_ValuationAndQualifyingAccountsDisclosureLineItems" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAndQualifyingAccountsDisclosureLineItems" xlink:to="us-gaap_ValuationAndQualifyingAccountsDisclosureLineItems_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAndQualifyingAccountsDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation and Qualifying Accounts Disclosure [Line Items]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ValuationAndQualifyingAccountsDisclosureLineItems_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation and Qualifying Accounts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_MovementInValuationAllowancesAndReservesRollForward" xlink:label="us-gaap_MovementInValuationAllowancesAndReservesRollForward" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_MovementInValuationAllowancesAndReservesRollForward" xlink:to="us-gaap_MovementInValuationAllowancesAndReservesRollForward_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_MovementInValuationAllowancesAndReservesRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Movement in Valuation Allowances and Reserves [Roll Forward]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_MovementInValuationAllowancesAndReservesRollForward_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Reserves and allowances deducted from asset accounts</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesBalance" xlink:label="us-gaap_ValuationAllowancesAndReservesBalance" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowancesAndReservesBalance" xlink:to="us-gaap_ValuationAllowancesAndReservesBalance_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowancesAndReservesBalance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation Allowances and Reserves, Balance</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodEndLabel" xlink:label="us-gaap_ValuationAllowancesAndReservesBalance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the end of the period</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/periodStartLabel" xlink:label="us-gaap_ValuationAllowancesAndReservesBalance_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Balance at the beginning of the period</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xlink:label="us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense" xlink:to="us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation Allowances and Reserves, Charged to Cost and Expense</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ValuationAllowancesAndReservesChargedToCostAndExpense_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Charge to cost and expenses</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ValuationAllowancesAndReservesDeductions" xlink:label="us-gaap_ValuationAllowancesAndReservesDeductions" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ValuationAllowancesAndReservesDeductions" xlink:to="us-gaap_ValuationAllowancesAndReservesDeductions_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ValuationAllowancesAndReservesDeductions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Valuation Allowances and Reserves, Deductions</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ValuationAllowancesAndReservesDeductions_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Deductions</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_SalvageValueMember" xlink:label="us-gaap_SalvageValueMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_SalvageValueMember" xlink:to="us-gaap_SalvageValueMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_SalvageValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salvage Value [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_SalvageValueMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Salvage value</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_RevolvingCreditFacilityMember" xlink:label="us-gaap_RevolvingCreditFacilityMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_RevolvingCreditFacilityMember" xlink:to="us-gaap_RevolvingCreditFacilityMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Revolving Credit Facility [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_RevolvingCreditFacilityMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">New Five Year Revolving Credit Facility</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_StatementScenarioAxis" xlink:label="us-gaap_StatementScenarioAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_StatementScenarioAxis" xlink:to="us-gaap_StatementScenarioAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_StatementScenarioAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scenario [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScenarioUnspecifiedDomain" xlink:label="us-gaap_ScenarioUnspecifiedDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioUnspecifiedDomain" xlink:to="us-gaap_ScenarioUnspecifiedDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scenario Unspecified [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScenarioUnspecifiedDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scenario, Unspecified [Domain]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScenarioForecastMember" xlink:label="us-gaap_ScenarioForecastMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScenarioForecastMember" xlink:to="us-gaap_ScenarioForecastMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScenarioForecastMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Scenario Forecast [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_ScenarioForecastMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Effective 2015</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_HalliburtonMember" xlink:label="rig_HalliburtonMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_HalliburtonMember" xlink:to="rig_HalliburtonMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_HalliburtonMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents the information pertaining to the entity, Halliburton.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_HalliburtonMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Halliburton [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_HalliburtonMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Halliburton</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_TransoceanPartnersLlcMember" xlink:label="rig_TransoceanPartnersLlcMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_TransoceanPartnersLlcMember" xlink:to="rig_TransoceanPartnersLlcMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_TransoceanPartnersLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents information pertaining to Transocean Partners LLC, a limited liability company.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_TransoceanPartnersLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Partners Llc [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_TransoceanPartnersLlcMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Transocean Partners</label>
    <loc xlink:type="locator" xlink:href="rig-20141231.xsd#rig_AngcoCaymanLimitedMember" xlink:label="rig_AngcoCaymanLimitedMember" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="rig_AngcoCaymanLimitedMember" xlink:to="rig_AngcoCaymanLimitedMember_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/documentation" xlink:label="rig_AngcoCaymanLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Represents Angco Cayman Limited.</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="rig_AngcoCaymanLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Angco Cayman Limited [Member]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="rig_AngcoCaymanLimitedMember_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Angco Cayman</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis" xlink:to="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment, Name [Axis]</label>
    <loc xlink:type="locator" xlink:href="http://xbrl.fasb.org/us-gaap/2013/elts/us-gaap-2013-01-31.xsd#us-gaap_EquityMethodInvesteeNameDomain" xlink:label="us-gaap_EquityMethodInvesteeNameDomain" xmlns="http://www.xbrl.org/2003/linkbase" />
    <labelArc xlink:type="arc" xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="us-gaap_EquityMethodInvesteeNameDomain" xlink:to="us-gaap_EquityMethodInvesteeNameDomain_lbl" xmlns="http://www.xbrl.org/2003/linkbase" />
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="us-gaap_EquityMethodInvesteeNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Equity Method Investee Name [Domain]</label>
    <label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/terseLabel" xlink:label="us-gaap_EquityMethodInvesteeNameDomain_lbl" xml:lang="en-US" xmlns="http://www.xbrl.org/2003/linkbase">Investment, Name [Domain]</label>
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