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Transocean Inc. Subsidiary Files Registration Statement

December 18, 2002

HOUSTON--(BUSINESS WIRE)--Dec. 18, 2002--Transocean Inc.(NYSE:RIG) announced today that its wholly owned subsidiary TODCO(formerly R&B Falcon Corporation) has filed a registration statementon Form S-1 with the Securities and Exchange Commission in connectionwith the previously announced initial public offering of its Gulf ofMexico Shallow and Inland Water business segment. The registrationstatement relates to TODCO common stock to be sold by Transocean inthe offering. TODCO does not expect to sell any shares in theoffering.

Upon the closing of the initial public offering, TODCO's fleet isexpected to consist of 76 drilling rigs including 27 jackup rigs, 31drilling barges and three submersible drilling rigs located in theU.S. Gulf of Mexico, two jackup rigs and one platform rig located inTrinidad and nine land rigs and three lake barges located inVenezuela.

Morgan Stanley is leading a group of underwriters in thisoffering.

A Registration Statement relating to these securities has beenfiled with the Securities and Exchange Commission but has not yetbecome effective. These securities may not be sold nor may offers tobuy be accepted prior to the time the Registration Statement becomeseffective. This communication shall not constitute an offer to sell orthe solicitation of an offer to buy nor shall there be any sale ofthese securities in any state in which such offer, solicitation orsale would be unlawful prior to registration or qualification underthe securities laws of any such state.

When available, a preliminary prospectus relating to thesesecurities may be obtained from Morgan Stanley, 1585 Broadway, NewYork, NY 10036, Attn: Prospectus Department.

Statements regarding the planned initial public offering,composition of the TODCO fleet at the time of the initial publicoffering, as well as any other statements that are not historicalfacts in this release, are forward-looking statements that involvecertain risks, uncertainties and assumptions. These include but arenot limited to stock market conditions, timing of SEC review, resultsand financial condition of the Shallow and Inland Water business, thefuture price of oil and gas, rig demand, operating risks, actions bycustomers and other third parties, competition and other factorsdetailed in the company's most recent Form 10-Q and Form 10-K andother filings with the Securities and Exchange Commission. Should oneor more of these risks or uncertainties materialize, or shouldunderlying assumptions prove incorrect, actual results may varymaterially from those indicated.

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