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Transocean Inc. Completes Redemption of Its 6.75% Senior Notes Due 2005

October 25, 2004

HOUSTON, Oct 25, 2004 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that it has completed the redemption of its $342.3 million face value, 6.75% Senior Notes due April 2005. The notes were redeemed today at 102.127% of face value, or $349.5 million plus accrued and unpaid interest of $0.6 million. The company will recognize a loss on redemption of debt of approximately $3.3 million in the fourth quarter of 2004. The redemption did not affect the 6.75% Senior Notes due April 2005 of TODCO (NYSE:THE), a publicly traded company in which Transocean owns a majority voting interest.

Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 94 mobile offshore drilling units, excluding the 70-rig fleet of TODCO. The company's mobile offshore drilling fleet, consisting of a large number of high-specification deepwater and harsh environment drilling units, 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. 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 $11 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

SOURCE: Transocean Inc.

Transocean Inc., Houston
Analyst Contact: Jeffrey L. Chastain, 713-232-7551
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Media Contact: Guy A. Cantwell, 713-232-7647