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Transocean Inc. Commences Tender Offer for Its 8.00% Debentures Due April 15, 2027

December 2, 2004

HOUSTON--(BUSINESS WIRE)--Dec. 2, 2004--Transocean Inc. (NYSE:RIG) announced that it has commenced a tender offer today for any and all of its outstanding 8.00% Debentures due April 15, 2027.

Under the terms of the offer, Transocean will purchase these outstanding Debentures at a purchase price determined by reference to a fixed spread of 70 basis points or 0.7% over the yield to maturity based on the bid side price of the U.S. Treasury 5.375% Bond due February 15, 2031 as measured at 3:00 P.M., New York City time, on December 7, 2004, plus accrued and unpaid interest up to the date of payment of such purchased Debentures. The offer will expire at 5:00 P.M., New York City time, on December 9, 2004, unless the offer is extended or earlier terminated. Payment for tendered Debentures will be paid for in same-day funds promptly following the expiration of the offer. It is expected that payment will be made on December 10, 2004. Transocean intends to use existing cash balances on hand to pay for all such Debentures purchased pursuant to the offer.

Goldman, Sachs & Co. will act as Dealer Manager for the offer. The Information Agent is Global Bondholder Services Corporation, and the Depositary is The Bank of New York. Persons with questions regarding the offer should contact the Information Agent at 212-430-3774 or 866-294-2200 or the Dealer Manager toll-free at 800-828-3182.

This news release is neither an offer to purchase nor a solicitation of an offer to sell the Debentures. The offer is made only by the Offer to Purchase dated December 2, 2004.

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 $12 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.