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Transocean Sedco Forex Reports Rescue of Crew of Survey-and-Recovery Vessel ALOHA

February 8, 2002
HOUSTON, Feb 8, 2002 (BUSINESS WIRE) -- Transocean Sedco Forex Inc. (NYSE:RIG)today announced that its drillship, Peregrine III, has safely rescued thenine-member crew of the survey-and-recovery vessel ALOHA, which was lost at seaabout 100 nautical miles northeast of Cozumel while under way to a historicaland bullion wreck. The ALOHA reported that it had lost power and was taking onwater on Thursday, February 7. Also responding were a German container vessel,MV Libra Houston, and a Norwegian cruise ship, Rhapsody At Sea. The ALOHAcrewmembers, including four U.S. citizens and five Philipinos, were taken aboardthe Peregrine III from an ALOHA life raft. No medical problems were reportedamong the rescued crewmembers.

The ALOHA, a dynamically positioned ROV (remotely operated vehicle) survey ship,belongs to Deepsea International (DSI). \"As the managing director of DSI, I amsorry to see the loss of our ALOHA, grateful for the spared lives of its crew,and proud to be a stockholder of Transocean Sedco Forex, a company we owe agreat deal of gratitude in responding to our situation,\" said Eric Galerne, whowas onboard the ALOHA and is now aboard the Peregrine III.

Captain Mike Moore, Chief of Search and Rescue for the Seventh U.S. Coast GuardDistrict in Miami, wrote in an email to Peregrine III Captain Ron MacDonald:\"You and your crew are commended for the humanitarian assistance displayedduring your rescue of nine crewmembers from the research vessel ALOHA ... Yourquick recovery of the survivors and timely notification to Coast Guard rescuecoordinators resulted in saving nine lives. The professional actionsdemonstrated by you and your crew are appreciated. Well done.\"

Added Tim Juran, North America Region Manager for Transocean Sedco Forex: \"Weare, indeed, proud of Captain MacDonald and the well-trained Peregrine III crewfor helping avert the loss of life at sea.\"

Transocean Sedco Forex Inc. is the world's largest offshore drilling contractorwith more than 160 fully or partially owned or operated mobile offshore drillingunits, inland drilling barges and other assets utilized in the support ofoffshore drilling activities worldwide. The company's mobile offshore drillingfleet is considered one of the most modern and versatile in the world with 31high-specification semisubmersibles and drillships, 29 other semisubmersiblesand one drillship (other floaters), and 54 jackup drilling rigs, of which 28 arelocated in the U.S. Gulf of Mexico. Transocean Sedco Forex specializes intechnically demanding segments of the offshore drilling business, includingindustry-leading positions in deepwater and harsh environment drilling services.With a current equity market capitalization in excess of $9 billion, thecompany's ordinary shares are traded on the New York Stock Exchange under thesymbol \"RIG.\"

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