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Transocean Inc. Announces Contract Extension for GSF Development Driller II

June 19, 2008

HOUSTON, June 19, 2008 (PRIME NEWSWIRE) -- Transocean Inc. (NYSE:RIG) today announced that its ultra-deepwater semisubmersible GSF Development Driller II, capable of drilling in water depths of 7,500 feet, has been awarded a five-year contract extension, commencing in November 2008, by a subsidiary of BP PLC (NYSE:BP).

Estimated contract revenues that could be generated over the five-year extension period are approximately $1.06 billion. Estimated contract revenues represent the maximum amount of revenues that may be earned in the contract period, excluding revenues for mobilization, demobilization and cost escalations.

The GSF Development Driller II semisubmersible, which entered service in 2005, is one of 39 High-Specification Floaters in the Transocean fleet, 18 of which are Ultra-Deepwater Floaters capable of drilling in water depths of 7,500 feet or greater.

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 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

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