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Transocean Inc. Subsidiary Files Registration Statement

December 18, 2002

HOUSTON--(BUSINESS WIRE)--Dec. 18, 2002--Transocean Inc. (NYSE:RIG) announced today that its wholly owned subsidiary TODCO (formerly R&B Falcon Corporation) has filed a registration statement on Form S-1 with the Securities and Exchange Commission in connection with the previously announced initial public offering of its Gulf of Mexico Shallow and Inland Water business segment. The registration statement relates to TODCO common stock to be sold by Transocean in the offering. TODCO does not expect to sell any shares in the offering.

Upon the closing of the initial public offering, TODCO's fleet is expected to consist of 76 drilling rigs including 27 jackup rigs, 31 drilling barges and three submersible drilling rigs located in the U.S. Gulf of Mexico, two jackup rigs and one platform rig located in Trinidad and nine land rigs and three lake barges located in Venezuela.

Morgan Stanley is leading a group of underwriters in this offering.

A Registration Statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the Registration Statement becomes effective. This communication shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

When available, a preliminary prospectus relating to these securities may be obtained from Morgan Stanley, 1585 Broadway, New York, NY 10036, Attn: Prospectus Department.

Statements regarding the planned initial public offering, composition of the TODCO fleet at the time of the initial public offering, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to stock market conditions, timing of SEC review, results and financial condition of the Shallow and Inland Water business, the future price of oil and gas, rig demand, operating risks, actions by customers and other third parties, competition and other factors detailed in the company's most recent Form 10-Q and Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

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