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Transocean Inc. High-Specification Drillship Deepwater Discovery Awarded Two-Year Contract

June 23, 2005

HOUSTON, Jun 23, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that its High-Specification drillship, the Deepwater Discovery, has been awarded a two-year contract by Total Upstream Nigeria Limited (Total) to provide drilling services for Total's Akpo field development offshore Nigeria. The two-year contract is expected to commence in July 2006 with revenues of approximately $263 million possible over the contract period, excluding revenues for mobilization, demobilization and client reimbursables. The Deepwater Discovery is currently providing exploration drilling services offshore West Africa while under a multiple well contract with several customers that includes a number of option wells to extend the contract. If all of the option wells are exercised, the current contract could extend into the second quarter of 2006.

The Deepwater Discovery is a Fifth-Generation, dynamically positioned drillship capable of operating in water depths of up to 10,000 feet. The rig entered active service in 2000 following its construction in the Samsung Shipyard in Korea and is one of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation rigs.

Statements regarding contract duration, contract commencement date, 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, the actual revenues earned 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 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 $18 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