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Transocean Inc. Announces 3-Year Contract for Deepwater Drillship Discoverer Seven Seas

August 6, 2003

HOUSTON, Aug 6, 2003 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG)today announced that the deepwater drillship Discoverer Seven Seas hasbeen awarded a three-year contract from Oil and Natural GasCorporation Ltd. (ONGC) of India. The integrated services contract isexpected to commence in the first quarter of 2004, following themobilization of the rig from a Brazilian shipyard to India. Exclusiveof a mobilization fee, the contract includes revenue for theDiscoverer Seven Seas of approximately $137 million over three years,plus revenues for comprehensive services that include well-planning,operations support and logistics-management.

The Discover Seven Seas is a dynamically positioned drillshipcapable of drilling in water depths up to 7,000 feet.

Statements regarding expected contract duration, contractcommencement date and contract revenues, as well as any otherstatements that are not historical facts in this release areforward-looking statements that involve certain risks, uncertaintiesand assumptions. These include but are not limited to operatinghazards and delays, risks associated with international operations,actions by customers and other third parties, the future price of oiland gas and other factors detailed in the company's most recent Form10-K and other filings with the Securities and Exchange Commission.Should one or more of these risks or uncertainties materialize, orshould underlying assumptions prove incorrect, actual results may varymaterially 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.\"

SOURCE: Transocean Inc.

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