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Transocean Inc. Semisubmersible Deepwater Nautilus Unaccounted For Following Storm

September 16, 2004

HOUSTON--(BUSINESS WIRE)--Sept. 16, 2004--Transocean Inc. (NYSE:RIG) today announced that a search continues in the Gulf of Mexico for the deepwater semisubmersible Deepwater Nautilus in the aftermath of Hurricane Ivan. All personnel had previously been safely evacuated and the well was secured before the approach of the storm. The U.S. Coast Guard has been notified of the missing rig, which was moored to the seafloor with anchors and related equipment at its location approximately 160 miles south of Mobile, Alabama.

The company has accounted for all of its other drilling rigs in the Gulf of Mexico, consisting of five deepwater drillships and three other deepwater semisubmersible rigs. The company will provide an update when more information becomes available.

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 $10 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.