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Transocean Inc. Announces Operations Suspended on Discoverer Enterprise Drillship Due to Riser Incident

May 23, 2003

HOUSTON--(BUSINESS WIRE)--May 23, 2003--Transocean Inc. (NYSE:RIG)today announced that drilling riser has separated on the deepwaterdrillship Discoverer Enterprise, and the rig has temporarily suspendeddrilling operations for BP on the BP-operated Thunder Horse field atMississippi Canyon block 822. No injuries occurred and no hydrocarbonswere released as a result of the incident. A visual inspection of thewellhead with a remote-operated vehicle showed no wellhead damage. Thecompany currently believes that the rig could resume operations withinthe next two to three weeks, pending the completion of repairs and theresults of an investigation into the cause of the incident.

Statements regarding the return to operations of the DiscovererEnterprise drillship as well as any other statements that are nothistorical facts, are forward-looking statements that involve certainrisks, uncertainties and assumptions. These include but are notlimited to operating hazards and delays, risks associated withinternational operations, actions by customers and other thirdparties, the future price of oil and gas and other factors detailed inthe company's most recent Form 10-K and other filings with theSecurities and Exchange Commission (SEC), which are available free ofcharge on the SEC's website at www.sec.gov. Should one or more ofthese risks or uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially fromthose indicated.

Transocean Inc. is the world's largest offshore drillingcontractor with more than 170 full or partially owned and managedmobile offshore drilling units, inland drilling barges and otherassets utilized in the support of offshore drilling activitiesworldwide. The company's mobile offshore drilling fleet is consideredone of the most modern and versatile in the world with 13fifth-generation semisubmersibles and drillships, 15 other deepwatersemisubmersibles and drillships, 32 mid-water semisubmersibles anddrillships and 55 jackup drilling rigs. Transocean Inc. specializes intechnically demanding segments of the offshore drilling business,including industry-leading positions in deepwater and harshenvironment drilling services. With a current equity marketcapitalization in excess of $7 billion, the company's ordinary sharesare 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.