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Transocean Sedco Forex Awarded Contracts On Three International Jackups

May 3, 2002
HOUSTON, May 3, 2002 (BUSINESS WIRE) -- Transocean Sedco Forex Inc. (NYSE:RIG)today announced that Oil and Natural Gas Corporation Limited (ONGC) has awardedtwo-year contracts for three of the company's international jackup rigs fordrilling programs offshore India. Revenues expected to be generated from thethree, two-year contracts could total $106 million, excluding mobilization fees.The three jackup rigs are the J.T. Angel, F.G. McClintock and C.E. Thornton, all300 foot, independent-leg, cantilevered units, currently operating offshoreIndia. The two-year contracts on the J.T. Angel and C.E. Thornton are expectedto commence during May 2002, immediately following the completion of drillingprograms in progress. The two-year contract on the F.G. McClintock is expectedto commence in September 2002, following the completion of a drilling program inprogress and a scheduled minor upgrade of the unit.

Transocean Sedco Forex Inc. is the world's largest offshore drilling contractorwith more than 150 full or partially owned and managed 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, 28 other semisubmersiblesand one drillship, and 54 jackup drilling rigs. Transocean Sedco Forex Inc.specializes in technically demanding segments of the offshore drilling business,including industry-leading positions in deepwater and harsh environment drillingservices. With a current equity market capitalization in excess of $12 billion,the Company's ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"

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