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Transocean Inc. Announces Contracts for Three International Jackup Rigs

July 17, 2003

HOUSTON--(BUSINESS WIRE)--July 17, 2003--Transocean Inc. (NYSE:RIG) today announced that subsidiaries of the company have been awarded contracts for three international jackup rigs from Oil and Natural Gas Corporation (ONGC), the state-oil company of India.

The ONGC contracts for the three jackup rigs, Trident XII, Ron Tappmeyer and Randolph Yost, are each for a duration of three years with an expected commencement date of October 2003, following the completion of each unit's current drilling program and mobilization to India. Revenues expected to be generated from the three contracts total approximately $203 million, exclusive of mobilization fees to be paid for each unit by the customer.

The jackup rig Trident XII is a Baker Marine BMC-class unit with a maximum water depth of 300 feet. The unit is currently operating offshore Vietnam and is expected to complete its current drilling assignment in August 2003.

The jackup rigs Ron Tappmeyer and Randolph Yost are Marathon Le Tourneau Class C-116 units with a maximum water depth of 300 feet. The Ron Tappmeyer is expected to complete its current drilling assignment offshore Indonesia in August 2003, while the Randolph Yost, currently operating offshore Equatorial Guinea, is expected to complete its current drilling program in July 2003.

Statements regarding expected contract revenues to be generated, contract duration, contract commencement and completion dates, 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 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. 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 160 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, 31 mid-water semisubmersibles and drillships and 50 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 $6 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.