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Transocean Inc. Shareholders Approve All Proposals at Annual General Meeting

May 8, 2003

HOUSTON--(BUSINESS WIRE)--May 8, 2003--Transocean Inc. (NYSE:RIG) today announced that shareholders approved the Class I reelection of Victor E. Grijalva, Arthur Lindenauer, Richard A. Pattarozzi, Kristian Siem and J. Michael Talbert to the company's Board of Directors. The Class I directors will serve for three-year terms, except for Mr. Talbert, who has been renamed as a Class II director to fill the vacancy created by the previously announced retirement of Mr. Alain Roger. Class II directors will stand for reelection at the company's 2004 Annual General Meeting.

Shareholders also approved amendments to the company's Long-Term Incentive Plan, allowing the continuation of grants of incentive stock options for an additional ten years and stock options and share appreciation rights to outside directors, and to the Employee Stock Purchase Plan, increasing the number of shares reserved for issuance. Finally, shareholders approved the appointment of Ernst and Young LLP as independent auditors for 2003.

Transocean Inc. is the world's largest offshore drilling contractor with more than 170 full or partially owned and managed mobile offshore drilling units, inland drilling barges and other assets utilized in the support of offshore drilling activities worldwide. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world with 13 fifth-generation semisubmersibles and drillships, 15 other deepwater semisubmersibles and drillships, 32 mid-water semisubmersibles and drillships and 55 jackup drilling rigs. Transocean Inc. specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. With a current equity market capitalization in excess of $6 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

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

SOURCE: Transocean Inc.