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Transocean Inc. to Reactivate Semisubmersible Rig Transocean Winner Following Commitment from Hydro

December 14, 2005

HOUSTON, Dec 14, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that Hydro (NYSE:NHY) has awarded a three-year contract for the semisubmersible rig Transocean Winner for drilling operations on the Norwegian Continental Shelf. The rig is expected to commence operations under the contract by October 2006 following the completion of a reactivation program, which has begun. The planned reactivation program does not involve an upgrade of the rig's current capabilities. Revenues of approximately $383 million could be generated over the three-year contract period, excluding revenues for mobilization, demobilization and client reimbursables.

The Transocean Winner has been located in Norway since it began active service in 1983, although it has been idle since August 2002. The rig is capable of operating in water depths of up to 1,500 feet. The reactivation of the Transocean Winner reduces the company's idle floater capacity to three semisubmersible rigs and one drillship.

Statements regarding contract duration, contract commencement date, revenues, reactivation of the rig, 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 91 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 Jackups and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $22 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

SOURCE: Transocean Inc.

Transocean Inc., Houston
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Jeffrey L. Chastain, 713-232-7551
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Guy A. Cantwell, 713-232-7647