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Transocean Inc. Announces Operating Incident on Semisubmersible Rig Jim Cunningham

August 24, 2004

HOUSTON--(BUSINESS WIRE)--Aug. 24, 2004--Transocean Inc. (NYSE:RIG) today announced that its semisubmersible rig Jim Cunningham experienced a well control incident on Friday, August 20, 2004, while operating offshore Egypt in the BG-operated West Delta Deep Marine concession. A fire resulted from the incident and was contained within the rig floor before being extinguished. Following the safe evacuation of all crew members on Friday, essential personnel are in the process of re-boarding the rig to assess the situation. The company is unable at this time to estimate the length of rig downtime or costs to repair the rig.

The Jim Cunningham has operated in the Mediterranean Sea, location of the West Delta Deep concession, since August 2002 and recently commenced a two-well contract with an expected date of completion of late 2004.

Statements regarding efforts to re-board the rig, downtime and cost estimates and expected contract duration, 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, shipyard availability and execution, 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 full or partial ownership in 95 mobile offshore drilling units, excluding the 70-rig fleet of TODCO, 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 $9 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.