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Transocean Inc. Announces Petrobras Approval of Contracts for Four Brazil-based Rigs

July 15, 2008

HOUSTON, July 15, 2008 (PRIME NEWSWIRE) -- Transocean Inc. (NYSE:RIG) today announced that the board of directors of Petroleo Brasileiro S.A.(Petrobras) has approved contract awards for four of the company's rigs totaling 22 rig years and approximately $3.0 billion in combined estimated contract revenues. Estimated contract revenues for each rig represent the maximum amount of revenues that may be earned in the applicable contract period, including revenues from a 15% additional rate, payable unless rig downtime exceeds 5 percent, and excluding revenues from cost escalation and demobilization. The approved contracts are expected to be executed by subsidiaries of Petrobras and Transocean in the next 30 to 60 days.

The contract approved for the Sedco 707, a dynamically positioned semisubmersible rig capable of operating in water depths of up to 2,000 meters, has a five-year term which is expected to commence in December 2009 following the completion of the rig's current contract commitments. Estimated revenues that could be generated over the five-year contract period are approximately $841 million.

The contract approved for the Deepwater Navigator, a dynamically positioned drillship capable of operating in water depths of up to 2,000 meters, has a five-year term which is expected to commence in March 2011 following the completion of the rig's current contract commitment. Estimated revenues that could be generated over the five-year contract period are approximately $801 million.

The contract approved for the Sedco 710, a dynamically positioned semisubmersible rig capable of operating in water depths of up to 1,200 meters, has a six-year term which is expected to commence in November 2010 following the completion of the rig's current contract commitment. Estimated revenues that could be generated over the six-year contract period are approximately $730 million.

The contract approved for the Transocean Driller, a moored semisubmersible rig capable of operating in water depths of up to 1,050 meters, has a six-year term which is expected to commence in August 2010 following the completion of the rig's current contract commitment. Estimated revenues that could be generated over the six-year contract period are approximately $680 million.

FORWARD-LOOKING STATEMENTS

Statements regarding contract terms, contract execution, commencement dates and 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 137 mobile offshore drilling units plus 10 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, 55 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