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Transocean Inc. Announces Contract for Semisubmersible Rig Richardson

July 21, 2003

HOUSTON--(BUSINESS WIRE)--July 21, 2003--Transocean Inc.(NYSE:RIG) today announced that the semisubmersible rig TransoceanRichardson has been awarded an estimated two-year contract fromCanadian Natural Resources for drilling operations offshore IvoryCoast in the West Africa region. The contract is expected to commencein October 2003, following the mobilization of the rig from the U.S.Gulf of Mexico where it is presently idle. Total contract value overthe estimated two-year contract is approximately $62 million,exclusive of a mobilization fee to be paid by the customer.

The Transocean Richardson is a fourth-generation, mooredsemisubmersible rig capable of drilling in water depths of up to 5,000feet.

Statements regarding expected contract revenues to be generated,contract duration, contract commencement and completion date, 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, Houston
Analyst Contact:
Jeffrey L. Chastain, 713-232-7551
Media Contact:
Guy A. Cantwell, 713-232-7647

SOURCE: Transocean