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Transocean Inc. Announces Formation of Joint Venture to Own and Operate Two New Ultra-Deepwater Drillships Currently under Construction (Correction)

October 24, 2007

HOUSTON--(BUSINESS WIRE)--Oct. 24, 2007--Transocean Inc.(NYSE:RIG) has issued this press release to correct a typographicalerror in the third paragraph of the press release issued this morningby Transocean. The October 18, 2007 date included in the thirdparagraph of that release should have been October 18, 2010.

Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 82 mobile offshore drilling units. Thecompany's mobile offshore drilling fleet, consisting of a large numberof high-specification deepwater and harsh environment drilling units,is considered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. The company's fleet consists of 33High-Specification Floaters (semisubmersibles and drillships), 20Other Floaters, 25 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. With a current equity marketcapitalization in excess of $32 billion, Transocean Inc.'s ordinaryshares are traded on the New York Stock Exchange under the symbol\"RIG.\"

CONTACT: Transocean Inc., Houston
Analyst Contact:
Gregory S. Panagos, 713-232-7551
or
Media Contact:
Guy A. Cantwell, 713-232-7647

SOURCE: Transocean Inc.