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Transocean Inc. Drillship Deepwater Pathfinder Awarded 11-Well Exploration Program in Nigeria

October 27, 2004

HOUSTON, Oct 27, 2004 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) announced today that its ultra-deepwater drillship, Deepwater Pathfinder, has been awarded an 11-well exploration program offshore Nigeria under a drilling services sharing agreement between Nigerian subsidiaries of Devon Energy, ConocoPhillips, ExxonMobil and Royal Dutch Shell. The estimated 475-day exploration program is expected to commence by December 2004, following the rig's completion of a drilling project in the U.S. Gulf of Mexico and estimated 30-day mobilization to Nigeria. Revenues of approximately $90 million could be generated over the 475-day program, exclusive of revenues for mobilization and demobilization of the rig.

The Deepwater Pathfinder is a dynamically positioned, ultra-deepwater drillship capable of operating in water depths of up to 10,000 feet. The rig entered service in 1998 following construction in the Samsung Shipyard in Korea. The rig is one of 28 High-Specification Floaters in the Transocean fleet, 17 of which are capable of drilling in water depths of 7,000 feet or greater.

Statements regarding contract commencement date, contract duration 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 94 mobile offshore drilling units, excluding the 70-rig fleet of TODCO, a publicly traded drilling company in which Transocean Inc. has a majority voting interest. 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