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Transocean Inc. Confirms Semisubmersible Deepwater Nautilus Found in Gulf of Mexico

September 16, 2004

HOUSTON--(BUSINESS WIRE)--Sept. 16, 2004--Transocean Inc. (NYSE:RIG) today announced that its semisubmersible rig Deepwater Nautilus has been located in the Gulf of Mexico, more than 70 miles northeast of its original location prior to the arrival of Hurricane Ivan. A visual inspection from a fixed-wing aircraft did not indicate any damage to the unit. A complete assessment of the rig's condition will be made once personnel board the unit.

Statements regarding the condition of the Deepwater Nautilus and the timing of further inspections, 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, results of investigations regarding riser, 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 $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.