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Transocean Inc. Awarded Contract for High-Specification Drillship Deepwater Pathfinder

September 30, 2005

HOUSTON, Sep 30, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that its High-Specification drillship, the Deepwater Pathfinder, has been awarded an estimated 800-day contract by an operator consortium led by Shell Nigeria Exploration and Production Company for drilling operations offshore Nigeria. The contract is expected to commence in April 2006, immediately following the conclusion of the rig's current contract. Revenues of an estimated $315 million could be generated over the 800-day contract period, excluding revenues for mobilization, demobilization and client reimbursables.

The Deepwater Pathfinder, a dynamically positioned, Fifth-Generation drillship capable of operating in waters depths of up to 10,000 feet, is one of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rig, which is currently operating offshore Nigeria for a consortium of operators led by Devon Energy (NYSE:DVN), entered active service in 1998 following its construction in Ulsan, Korea.

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 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 $20 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