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Transocean Inc. Semisubmersible Rig Sedco 703 Awarded Contract from Woodside

December 12, 2006

HOUSTON--(BUSINESS WIRE)--Dec. 12, 2006--Transocean Inc. (NYSE:RIG) today announced that a subsidiary of Woodside of Australia (ASE:WPL) has awarded the semisubmersible rig Sedco 703 a one-year contract for drilling operations offshore Australia, where the rig is currently operating. The contract is expected to commence in August 2007, following the completion of current contract commitments. Revenues that could be generated over the one-year contract are approximately $159 million.

The Sedco 703 is one of 20 Other Floaters, or mid-water rigs, in the Transocean Inc. fleet, and is capable of operating in water depths of up to 2,000 feet. The rig entered service in 1973 and was upgraded to its current specifications in 1995.

Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 82 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 33 High-Specification Floaters (semisubmersibles and drillships), 20 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 $23 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

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

SOURCE: Transocean Inc.