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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 Transocean Richardson has been awarded an estimated two-year contract from Canadian Natural Resources for drilling operations offshore Ivory Coast in the West Africa region. The contract is expected to commence in October 2003, following the mobilization of the rig from the U.S. Gulf of Mexico where it is presently idle. Total contract value over the 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, moored semisubmersible rig capable of drilling in water depths of up to 5,000 feet.

Statements regarding expected contract revenues to be generated, contract duration, contract commencement and completion date, as well as any other statements that are not historical facts in this release are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future price of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Transocean Inc. is the world's largest offshore drilling contractor with more than 160 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, 31 mid-water semisubmersibles and drillships and 50 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 $6 billion, the company's ordinary shares are 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