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Transocean Inc. Shareholders Approve All Proposals at Annual General Meeting

May 12, 2005

HOUSTON--(BUSINESS WIRE)--May 12, 2005--At the company's Annual General Meeting held today, shareholders of Transocean Inc. (NYSE:RIG) reelected Roberto L. Monti and Ian C. Strachan as Class III directors. Shareholders also elected Judy J. Kelly as a newly appointed Class III director. Ms. Kelly is a retired executive of ExxonMobil Corporation. She most recently held the position of Vice President-Americas of ExxonMobil Gas Marketing Company. Ms. Kelly joined a predecessor of ExxonMobil in its financial organization and served in a variety of positions during her 31 years at the company. The Class III directors will serve three-year terms.

In addition, shareholders approved the company's proposed amendment to its Long-Term Incentive Plan and the appointment of Ernst & Young LLP as independent registered public accounting firm for 2005.

Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 93 mobile offshore drilling units. 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), 24 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 $15 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.