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Transocean Inc. Provides Update on Gulf of Mexico Fleet Status Following Hurricane Katrina

August 29, 2005

HOUSTON, Aug 29, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that the moored semisubmersible Deepwater Nautilus has drifted off location in the aftermath of Hurricane Katrina. The rig's present location is being monitored remotely by a transponder beacon onboard the unit. All personnel had previously been safely evacuated and the well was secured before the approach of the storm. The U.S. Coast Guard has been notified of the situation.

Three other Transocean moored vessels were safely evacuated and have remained on location in the aftermath of the storm. The company's six dynamically positioned vessels all successfully moved out of the main track of the storm prior to its arrival.

Plans are in place to re-man the moored vessels and assess their condition. The company will provide an update when more information becomes available.

Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 92 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, 25 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
or
Media Contact: 
Guy A. Cantwell, 713-232-7647