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Transocean Inc. Announces Closing of TODCO Secondary Stock Offering

May 18, 2005

HOUSTON--(BUSINESS WIRE)--May 18, 2005--Transocean Inc. (NYSE:RIG) today announced the closing of its secondary stock offering of 12,000,000 shares of Class A common stock of TODCO (NYSE:THE), a publicly traded company. The offering price was $20.50 per share, and Transocean received approximately $242.3 million of proceeds from the offering, net of underwriting fees. Transocean intends to use the proceeds for the reduction of corporate debt and general corporate purposes. After the closing of the offering, Transocean owns approximately 2% of TODCO common stock, which remains subject to the underwriters' over-allotment option.

The underwriters for the offering were Citigroup Global Markets Inc., which acted as sole book-running manager, and JP Morgan and UBS Investment Bank, which acted as co-managers.

A copy of the prospectus supplement and accompanying prospectus may be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.

Statements regarding intended uses of proceeds, as well as any other statements that are not historical facts in this release are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to general market conditions, market conditions in the financial markets and other factors detailed in the registration statement relating to these securities and Transocean's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.


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

    SOURCE: Transocean Inc.