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Transocean Inc. Provides Update on Norwegian Operations After Strike

November 1, 2004

HOUSTON--(BUSINESS WIRE)--Nov. 1, 2004--Transocean Inc. (NYSE:RIG) today announced that two Transocean semisubmersible units in Norway have resumed operations and a third semisubmersible rig will undergo a special periodic survey and upgrades before returning to service. Operations on all three rigs had been suspended by a strike called in July by the OFS union. The strike has been resolved following government intervention.

The semisubmersible rigs Transocean Searcher and Transocean Leader have resumed operations in the Norwegian sector of the North Sea. The company expects the survey and upgrade work in Olen, Norway, for the semisubmersible unit Polar Pioneer to be completed in November prior to commencement of the previously announced contract on the Snohvit project for Statoil.

The semisubmersible Transocean Arctic is also located in Norway, but was not affected by the strike.

Transocean reported on July 1, 2004, that the OFS, one of three unions representing offshore workers in Norway, called the strike on the three Transocean rigs after it was unable to reach an agreement with the Norwegian Shipowners Association, which represents rig owners in Norway. Agreements had previously been reached with NOPEF and DSO, two other unions representing workers on Transocean's offshore units in Norway.

Statements regarding survey and shipyard work and contract commencement timing, 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."


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

    SOURCE: Transocean Inc.