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Transocean Inc. Provides Update on Fleet Contract Status

February 28, 2003
HOUSTON, Feb 28, 2003 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) todayannounced that its reports of drilling rig status and contract informationcovering the company's offshore drilling fleet have been updated as of February28, 2003.

The primary report, titled Monthly Fleet Update, covers the rig status andcontract information on drilling rigs comprising the company's non-U.S. mobileoffshore drilling fleet and its fleet of semisubmersible rigs and drillshipsoperating in the United States. A second report, titled Monthly Fleet Update -Jackups and Barges, provides condensed rig status and contract information onthe company's U.S.-based jackups and drilling barges.

The reports are available through the company's website at www.deepwater.com andcan be found in the \"Investor Relations/Financial Reports\" section of thewebsite. By subscribing to the Transocean Financial Report Alert, you will beimmediately notified when new postings are made to this page by an automatede-mail, which will provide a link directly to the page that has been updated.Shareholders and other interested parties are invited to sign up for thisservice.

Statements contained in the Monthly Fleet Updates involving the estimatedduration of client contracts, contract dayrate amounts, future contractcommencement dates and locations, as well as any other statements that are nothistorical facts, are forward-looking statements that involve certain risks,uncertainties and assumptions. These include but are not limited to operatinghazards and delays, risks associated with international operations, actions bycustomers and other third parties, the future price of oil and gas and otherfactors detailed in the company's most recent Form 10-K and other filings withthe Securities and Exchange Commission (SEC), which are available free of chargeon the SEC's website at www.sec.gov. Should one or more of these risks oruncertainties materialize, or should underlying assumptions prove incorrect,actual results may vary materially from those indicated.

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 two drillships, and 55 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 $7 billion, thecompany's ordinary shares are traded on the New York Stock Exchange under thesymbol \"RIG.\"

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