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Transocean Inc. Provides Update on Fleet Contract Status

May 28, 2003

HOUSTON--(BUSINESS WIRE)--May 28, 2003--Transocean Inc. (NYSE:RIG) today announced that its reports of drilling rig status and contract information covering the company's offshore drilling fleet have been updated as of May 28, 2003.

The primary report, titled Monthly Fleet Update, covers the rig status and contract information on drilling rigs comprising the company's non-U.S. mobile offshore drilling fleet and its fleet of semisubmersible rigs and drillships operating in the United States. A second report, titled Monthly Fleet Update - Jackups and Barges, provides condensed rig status and contract information on the company's U.S.-based jackups and drilling barges.

The reports are available through the company's website at www.deepwater.com and can be found in the "Investor Relations/Financial Reports" section of the website. By subscribing to the Transocean Financial Report Alert, you will be immediately notified when new postings are made to this page by an automated e-mail, which will provide a link directly to the page that has been updated. Shareholders and other interested parties are invited to sign up for this service.

Statements contained in the Monthly Fleet Updates involving the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations, 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, risks associated with international operations, actions by customers and other third parties, the future price of oil and gas 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.

Transocean Inc. is the world's largest offshore drilling contractor with more than 170 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 13 fifth-generation semisubmersibles and drillships, 15 other deepwater semisubmersibles and drillships, 32 mid-water semisubmersibles and drillships and 55 jackup drilling rigs. Transocean 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 $7 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

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

SOURCE: Transocean Inc.