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Transocean Sedco Forex Awarded Contracts On Three International Jackups

May 3, 2002
HOUSTON, May 3, 2002 (BUSINESS WIRE) -- Transocean Sedco Forex Inc. (NYSE:RIG) today announced that Oil and Natural Gas Corporation Limited (ONGC) has awarded two-year contracts for three of the company's international jackup rigs for drilling programs offshore India. Revenues expected to be generated from the three, two-year contracts could total $106 million, excluding mobilization fees. The three jackup rigs are the J.T. Angel, F.G. McClintock and C.E. Thornton, all 300 foot, independent-leg, cantilevered units, currently operating offshore India. The two-year contracts on the J.T. Angel and C.E. Thornton are expected to commence during May 2002, immediately following the completion of drilling programs in progress. The two-year contract on the F.G. McClintock is expected to commence in September 2002, following the completion of a drilling program in progress and a scheduled minor upgrade of the unit.

Transocean Sedco Forex Inc. is the world's largest offshore drilling contractor with more than 150 full or partially owned and managed mobile offshore drilling units, inland drilling barges and other assets utilized in the support of offshore drilling activities worldwide. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world with 31 high-specification semisubmersibles and drillships, 28 other semisubmersibles and one drillship, and 54 jackup drilling rigs. Transocean Sedco Forex Inc. specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. With a current equity market capitalization in excess of $12 billion, the Company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

CONTACT:          Transocean Sedco Forex Inc., Houston
                  Analyst Contact:
                  Jeffrey L. Chastain, 713/232-7551
                  or
                  Media Contact:
                  Guy A. Cantwell, 713/232-7647