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Transocean Reports Well Control Incident on Inland Barge Rig

June 18, 2003

HOUSTON--(BUSINESS WIRE)--June 18, 2003--Transocean, Inc.(NYSE:RIG) reported today that a well-control incident last night onits inland barge Rig 62 regrettably took the life of one itsemployees. The incident, which resulted in a fire, occurred atapproximately 11:00 pm on the rig while working for TransTexas GasCorporation in Galveston Bay near Galveston, Texas. Twenty-two peoplewere on board the rig, and 21 people were successfully evacuated. Fourpersons evacuated from the rig were taken to area hospitals and threehave been released. The remaining hospitalized person does not appearto have life-threatening injuries.

The latest reports indicate that the fire on the rig hasdiminished and is presently confined to the mud pits and that the wellhas ceased to flow. TransTexas retained well and pollution controlspecialists immediately after the incident and they are currently onsite. The latest reports indicate that there are no visible signs ofpollution and efforts are underway to extinguish the mud pit fire.

The company is continuing to investigate the incident and nodamage assessment to the rig has been made at this time.

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 Relations:
Jeffrey L. Chastain, 713/232-7551
Media Relations:
Guy A. Cantwell, 713/232-7647

SOURCE: Transocean