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Transocean Reports Well Control Incident on Inland Barge Rig

June 18, 2003

HOUSTON--(BUSINESS WIRE)--June 18, 2003--Transocean, Inc. (NYSE:RIG) reported today that a well-control incident last night on its inland barge Rig 62 regrettably took the life of one its employees. The incident, which resulted in a fire, occurred at approximately 11:00 pm on the rig while working for TransTexas Gas Corporation in Galveston Bay near Galveston, Texas. Twenty-two people were on board the rig, and 21 people were successfully evacuated. Four persons evacuated from the rig were taken to area hospitals and three have been released. The remaining hospitalized person does not appear to have life-threatening injuries.

The latest reports indicate that the fire on the rig has diminished and is presently confined to the mud pits and that the well has ceased to flow. TransTexas retained well and pollution control specialists immediately after the incident and they are currently on site. The latest reports indicate that there are no visible signs of pollution and efforts are underway to extinguish the mud pit fire.

The company is continuing to investigate the incident and no damage assessment to the rig has been made at this time.

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 Relations:
Jeffrey L. Chastain, 713/232-7551
or
Media Relations:
Guy A. Cantwell, 713/232-7647

SOURCE: Transocean