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Transocean Inc. Announces Contract for GSF Explorer

February 15, 2008
HOUSTON, Feb 15, 2008 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced the award of a 689-daycontract by a consortium headed by Marathon International PetroleumIndonesia Ltd, a wholly owned subsidiary of Marathon Oil Corporation(NYSE:MRO), for the ultra-deepwater drillship GSF Explorer to drill aseries of exploration wells in a deepwater province in Indonesia. TheMakassar Strait Explorers Consortium (MSEC) comprises MarathonInternational Petroleum Indonesia Ltd, Anadarko Popodi Ltd,ConocoPhillips (Kuma) Ltd, ENI Bukat Ltd, Statoil Indonesia Karama ASand Talisman (Sageri) Ltd.

The 689-day contract is expected to commence in the fourth quarterof 2009 following the completion of existing contractual commitmentsin Angola and mobilization to the Makassar Strait, a deepwaterprovince receiving renewed interest as a result of recent leasingactivity.

The estimated contract revenues which could be generated over the689-day contract period are approximately $351 million. Estimatedcontract revenues represent the maximum amount of revenues that may beearned in the firm contract period, excluding revenues formobilization and demobilization.

The GSF Explorer is one of 18 Ultra-Deepwater Floaters in theTransocean fleet. Constructed in 1972 and upgraded in 1998, thedrillship is capable of working in water depths up to 7,800 feet.

Forward-Looking Statements

Statements regarding contract duration, contract commencement dateand revenues, as well as any other statements that are not historicalfacts, are forward-looking statements that involve certain risks,uncertainties and assumptions. These include but are not limited tooperating hazards and delays, actions by customers and other thirdparties, the future price of oil and gas, the actual revenues earnedand other factors detailed in the company's most recent Form 10-K andother filings with the Securities and Exchange Commission (SEC), whichare available free of charge on the SEC's website at www.sec.gov.Should one or more of these risks or uncertainties materialize, orshould underlying assumptions prove incorrect, actual results may varymaterially from those indicated. The company disclaims any intentionor obligation to update publicly or revise such statements, whether asa result of new information, future events or otherwise, except asrequired by law.

Transocean Inc. is the world's largest offshore drillingcontractor and the leading provider of drilling management servicesworldwide. With a fleet of 140 mobile offshore drilling units pluseight ultra-deepwater units under construction, the company's fleet isconsidered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. The company owns or operates a contract drillingfleet of 39 High-Specification Floaters, 29 Midwater Floaters, 68Jackups and four other assets utilized in the support of offshoredrilling activities worldwide. With a current equity marketcapitalization of approximately $40 billion, Transocean Inc.'sordinary shares are traded on the New York Stock Exchange under thesymbol \"RIG.\"

SOURCE: Transocean Inc.

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