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Photo Release -- Transocean GSF Rig 127 Drills Longest Extended-Reach Well

May 21, 2008

HOUSTON, May 21, 2008 (PRIME NEWSWIRE) -- Transocean Inc. (NYSE:RIG) today announced that the Transocean jackup GSF Rig 127 set a world record for the longest extended-reach well ever drilled at 40,320 feet (12,289 meters) MD (measured depth) with a 35,770-foot (10,902-meter) horizontal section. The well was drilled offshore Qatar in 36 days and incident-free. The new record of 7.6 miles is also the first well in the history of offshore drilling that exceeds 40,000 feet (12,191 meters). The well surpasses by approximately 2,000 feet the prior extended-reach record of 38,322 feet (11,680 meters) MD set by another drilling contractor with a land rig drilling at Sakhalin Island earlier this year.

A photo accompanying this release is available at http://www.primenewswire.com/newsroom/prs/?pkgid=5072

The rig's crewmembers, working with the client, Maersk Oil Qatar AS, overcame many constraints, including high drilling torque throughout certain parts of the horizontal section. The Well BD-04A is in the Al-Shaheen field offshore Qatar. In addition to staying focused on safe operations, crews used extensive deck-management planning and a supply boat to hold additional drill pipe so that the rig could stay within its variable deck load rating.

"Everyone involved deserves congratulations for coming together and through great planning and teamwork managing the challenges on this well in an incident-free manner," said Jim Granger, Performance Rig Manager."

Gary Bauer, Transocean's Egypt and Middle East Division Manager, noted about the world record: "It goes without saying that your accomplishment truly epitomizes and embraces Transocean's vision statement where Rig 127 has a group of highly motivated people dedicated to achieving operational excellence in an incident-free environment and being recognized for delivering superior performance. Well done to the entire Rig 127 Team and continued success in delivering safe, superior performance."

Making the record even more impressive is the fact that the Friede & Goldman L-780 Mod II design jackup, with 250-foot water depth capability, operates with just two Emsco FB 1600 Mud pumps. Other equipment includes the rig's 2000-horsepower National 1320 UE Drawworks, and a Varco TDS-4S Top Drive. In addition to its record-setting performance, GSF Rig 127 crews last April reached one year without a lost-time injury.

Transocean Inc. is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 138 mobile offshore drilling units plus nine announced ultra-deepwater newbuild units, 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, 56 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.

The Transocean Inc. logo is available at http://www.primenewswire.com/newsroom/prs/?pkgid=2252

The photo is also available at NewsCom, www.newscom.com, and via AP PhotoExpress

CONTACT: Transocean Inc.
Analysts:
Gregory S. Panagos
713-232-7551
Media:
Guy A. Cantwell
713-232-7647