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Transocean Inc. Acquires ConocoPhillips' Interest in Deepwater Frontier Joint Venture

May 30, 2003

HOUSTON--(BUSINESS WIRE)--May 30, 2003--Transocean Inc. (NYSE:RIG)today announced that a subsidiary has purchased ConocoPhillips' 40%interest in the Deepwater Frontier joint venture, Deepwater DrillingII L.L.C. The company already owns the other 60% interest in the jointventure, which is a party to a lease-financing arrangement for thedrillship. The Deepwater Frontier joint venture will now beconsolidated with Transocean's financial statements and the relatedlease obligation will be reflected on Transocean's balance sheet.

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.\"

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