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Transocean Inc. Announces Contract Extension for Deepwater Millennium

February 19, 2008

HOUSTON--(BUSINESS WIRE)--Feb. 19, 2008--Transocean Inc.(NYSE:RIG) today announced that the ultra-deepwater drillshipDeepwater Millennium has been awarded a three-year contract extensionby Anadarko Petroleum Corporation (NYSE:APC), commencing in June 2010.

The estimated contract revenues which could be generated over thethree-year contract period are approximately $586 million. Estimatedcontract revenues represent the maximum amount of revenues that may beearned in the firm contract period, excluding revenues formobilization, demobilization and cost escalations.

The Deepwater Millennium is one of 34 High-Specification Floatersin the Transocean fleet, 13 of which are Ultra-Deepwater Floaters. Therig, which entered service in 1999, is capable of operating in waterdepths of up to 10,000 feet.

Forward-Looking Statements

Statements regarding the contract extension, its commencement dateand its estimated revenues, as well as any other statements that arenot historical facts, are forward-looking statements that involvecertain risks, uncertainties and assumptions. These include but arenot limited to operating hazards and delays, actions by customers andother third parties, the future price of oil and gas, the actualrevenues earned and other factors detailed in the company's mostrecent Form 10-K and other filings with the Securities and ExchangeCommission (SEC), which are available free of charge on the SEC'swebsite at www.sec.gov. Should one or more of these risks oruncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.The company disclaims any intention or obligation to update publiclyor revise such statements, whether as a result of new information,future events or otherwise, except as required by law.

Transocean Inc. is the world's largest offshore drillingcontractor and the leading provider of drilling management servicesworldwide. With a fleet of 139 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 (Ultra-Deepwater, Deepwaterand Harsh-Environment semisubmersibles and drillships), 29 MidwaterFloaters, 10 High-Specification Jackups, 57 Standard Jackups and otherassets utilized in the support of offshore drilling activitiesworldwide. With a current equity market capitalization ofapproximately $41 billion, Transocean Inc.'s ordinary shares aretraded on the New York Stock Exchange under the symbol \"RIG.\"

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

SOURCE: Transocean Inc.