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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 Drilling II L.L.C. The company already owns the other 60% interest in the joint venture, which is a party to a lease-financing arrangement for the drillship. The Deepwater Frontier joint venture will now be consolidated with Transocean's financial statements and the related lease obligation will be reflected on Transocean's balance sheet.

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 $7 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

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

    SOURCE: Transocean Inc.