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Transocean Receives Contract Extensions for High-Specification Rigs Discoverer Enterprise and Deepwater Horizon

April 26, 2004

HOUSTON--(BUSINESS WIRE)--April 26, 2004--Transocean Inc. (NYSE:RIG) today announced that BP PLC (NYSE:BP) has extended the contracts on two of the company's high-specification deepwater rigs, the drillship Discoverer Enterprise and the semisubmersible Deepwater Horizon.

The Discoverer Enterprise contract extension is for three years and is expected to commence during December 2004. Revenues of approximately $200 million could be generated over the three-year extension. The contract extension for the Deepwater Horizon is for one year and is expected to commence in September 2004, with revenues of approximately $60 million possible over the one-year extension.

The Discoverer Enterprise and Deepwater Horizon, both currently operating in the U.S. Gulf of Mexico, have been under contract to BP since the rigs began service in December 1999 and September 2001, respectively, and represent two of the company's 32 High-Specification Floaters, 28 of which are capable of operating in water depths of 4,500 feet or greater. Both rigs are equipped with dynamic positioning technology for maintaining station and are capable of drilling in water depths of up to 10,000 feet. The Discoverer Enterprise is equipped with the company's patented dual-activity drilling technology, which saves time by allowing drilling tasks to be performed in parallel, rather than sequentially as with conventional offshore drilling rigs.

Statements regarding contract duration, contract commencement date and contract revenues, 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, 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 a fleet of 95 mobile offshore drilling units, excluding the 70-rig fleet of TODCO (NYSE:THE), a publicly traded drilling company in which Transocean Inc. owns a majority interest. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business, including industry-leading positions in high-specification deepwater and harsh environment drilling units. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 25 Other Floaters, 26 Jackup Rigs and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $8 billion, Transocean Inc.'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.