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Transocean Inc. Announces Senior Management Appointments; Robert L. Long to Succeed J. Michael Talbert as Chief Executive Officer

October 10, 2002
HOUSTON, Oct 10, 2002 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) todayannounced that its board of directors has appointed Robert L. Long as Presidentand Chief Executive Officer of the company and elected him as a director,effective immediately. Mr. Long, who previously held the title of President andChief Operating Officer of Transocean Inc., will succeed J. Michael Talbert, whohas served as the company's Chief Executive Officer since September 1994. Mr.Talbert will continue to serve on the company's board of directors, assuming thetitle of Chairman and replacing Victor E. Grijalva, who has served as Chairmanof Transocean Inc. since December 1999. Mr. Grijalva will continue to serve onthe company's board, chairing the Corporate Governance Committee. Mr. Talberthas agreed to serve as Chairman of Transocean Inc. until October 2004.

Commenting on today's announcement, Mr. Grijalva stated, \"These changes reflectan orderly plan of succession and continuity within our senior management andboard of directors.\"

Addressing the appointment of Mr. Long to the position of President and ChiefExecutive Officer, Mr. Talbert offered, \"While serving more than 16 years inexecutive management positions, Bob Long has demonstrated a solid understandingof the financial and operational challenges inherent with the offshore drillingbusiness. He is uniquely qualified to lead Transocean Inc.\"

Mr. Long joined the company in 1975 and has held numerous operational andfinancial roles over his 26-year career including Division Engineer, DivisionManager of the North Sea and Egypt and Chief Financial Officer. A 1968 graduateof the U.S. Naval Academy, he attended the U.S. Naval Nuclear Power School andin 1975 earned his M.B.A. in Finance from the Harvard Graduate School ofBusiness.

The company also announced that Jean P. Cahuzac has been named Executive VicePresident and Chief Operating Officer of Transocean Inc., effective immediately.Mr. Cahuzac previously served as Executive Vice President of Operations. Hebegan his oilfield services career at Schlumberger, serving 20 years in variousoperational and technical positions around the world for Schlumberger, includingPresident of Sedco Forex. Following the December 1999 merger of TransoceanOffshore Inc. and Sedco Forex, Mr. Cahuzac was named Executive Vice Presidentand President, Europe, the Middle East and Africa, for the company. He holds adegree in mechanical engineering from Ecoles des Mines (Saint-Etienne, France)and the French Petroleum Institute. Mr. Cahuzac is a member of the board ofdirectors of the International Association of Drilling Contractors.

Transocean Inc. is the world's largest offshore drilling contractor with morethan 150 full or partially owned and managed mobile offshore drilling units,inland drilling barges and other assets utilized in the support of offshoredrilling activities worldwide. The company's mobile offshore drilling fleet isconsidered one of the most modern and versatile in the world with 31high-specification semisubmersibles and drillships, 27 other semisubmersiblesand one drillship, and 52 jackup drilling rigs. Transocean Inc. 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 $6 billion, thecompany's ordinary shares are traded on the New York Stock Exchange under thesymbol \"RIG.\"

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