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Transocean Inc. Announces Contract Extension for Deepwater Millennium

February 19, 2008

HOUSTON--(BUSINESS WIRE)--Feb. 19, 2008--Transocean Inc. (NYSE:RIG) today announced that the ultra-deepwater drillship Deepwater Millennium has been awarded a three-year contract extension by Anadarko Petroleum Corporation (NYSE:APC), commencing in June 2010.

The estimated contract revenues which could be generated over the three-year contract period are approximately $586 million. Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, demobilization and cost escalations.

The Deepwater Millennium is one of 34 High-Specification Floaters in the Transocean fleet, 13 of which are Ultra-Deepwater Floaters. The rig, which entered service in 1999, is capable of operating in water depths of up to 10,000 feet.

Forward-Looking Statements

Statements regarding the contract extension, its commencement date and its estimated revenues, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, actions by customers and other third parties, the future price of oil and gas, the actual revenues earned and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. The company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise, except as required by law.

Transocean Inc. is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 139 mobile offshore drilling units plus eight ultra-deepwater units under construction, the company's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. The company owns or operates a contract drilling fleet of 39 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 29 Midwater Floaters, 10 High-Specification Jackups, 57 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization of approximately $41 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

CONTACT: Transocean Inc., Houston
Analyst Contact:
Gregory S. Panagos, 713-232-7551
or
Media Contact:
Guy A. Cantwell, 713-232-7647

SOURCE: Transocean Inc.