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Transocean Inc. and ChevronTexaco Announce New World Water-Depth Drilling Record in 10,011 Feet of Water

November 17, 2003

HOUSTON--(BUSINESS WIRE)--Nov. 17, 2003--Transocean Inc.(NYSE:RIG) and ChevronTexaco (NYSE:CVX) today announced that theTransocean drillship Discoverer Deep Seas has set a new worldwater-depth drilling record by spudding a well in 10,011 feet of waterin the U.S. Gulf of Mexico. The record -- set while constructingChevronTexaco's Toledo well in Alaminos Canyon block 951 -- marks thefirst time in the offshore drilling industry's history that a drillingrig has explored for oil and natural gas in more than 10,000 feet ofwater.

The previous world water-depth drilling record was 9,727 feet ofwater in the U.S. Gulf of Mexico by another Transocean drillship, theDiscoverer Spirit, in October 2001 working for Unocal.

The Discoverer Deep Seas and its sister drillships, DiscovererSpirit and Discoverer Enterprise, incorporate and use Transocean'spatented dual-activity technology, which saves time by allowingdrilling tasks to be performed in parallel, rather than sequentiallyas with conventional offshore drilling rigs.

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.\"

    CONTACT: Transocean Inc., Houston             Analyst Contact:             Jeffrey L. Chastain, 713-232-7551             or             Media Contact:             Guy A. Cantwell, 713-232-7647             or             ChevronTexaco             Ayana McIntosh-Lee, 504-592-6432    SOURCE: Transocean Inc.