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Transocean Inc. Announces Contracts for Three International Jackup Rigs

July 17, 2003

HOUSTON--(BUSINESS WIRE)--July 17, 2003--Transocean Inc.(NYSE:RIG) today announced that subsidiaries of the company have beenawarded contracts for three international jackup rigs from Oil andNatural Gas Corporation (ONGC), the state-oil company of India.

The ONGC contracts for the three jackup rigs, Trident XII, RonTappmeyer and Randolph Yost, are each for a duration of three yearswith an expected commencement date of October 2003, following thecompletion of each unit's current drilling program and mobilization toIndia. Revenues expected to be generated from the three contractstotal approximately $203 million, exclusive of mobilization fees to bepaid for each unit by the customer.

The jackup rig Trident XII is a Baker Marine BMC-class unit with amaximum water depth of 300 feet. The unit is currently operatingoffshore Vietnam and is expected to complete its current drillingassignment in August 2003.

The jackup rigs Ron Tappmeyer and Randolph Yost are Marathon LeTourneau Class C-116 units with a maximum water depth of 300 feet. TheRon Tappmeyer is expected to complete its current drilling assignmentoffshore Indonesia in August 2003, while the Randolph Yost, currentlyoperating offshore Equatorial Guinea, is expected to complete itscurrent drilling program in July 2003.

Statements regarding expected contract revenues to be generated,contract duration, contract commencement and completion dates, as wellas any other statements that are not historical facts in this releaseare forward-looking statements that involve certain risks,uncertainties and assumptions. These include but are not limited tooperating hazards and delays, risks associated with internationaloperations, actions by customers and other third parties, the futureprice of oil and gas and other factors detailed in the company's mostrecent Form 10-K and other filings with the Securities and ExchangeCommission. Should one or more of these risks or uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actualresults may vary materially from those indicated.

Transocean Inc. is the world's largest offshore drillingcontractor with more than 160 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, 31 mid-water semisubmersibles anddrillships and 50 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 $6 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.