NYSE: RIG 6.23 0.27 4.53% 3:02 P.M. ET
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Transocean Inc. Acquires ConocoPhillips' Interest in Deepwater Pathfinder Joint Venture

December 31, 2003

HOUSTON--(BUSINESS WIRE)--Dec. 31, 2003--Transocean Inc. (NYSE:RIG) today announced that it has acquired ConocoPhillips' 50% interest in the joint venture Deepwater Drilling L.L.C., which owns the drillship Deepwater Pathfinder. Transocean already owned the other 50% interest in the joint venture company. Deepwater Drilling L.L.C. is now a wholly-owned subsidiary of Transocean and will be consolidated in its financial statements.

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 $7 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

CONTACT: Transocean Inc., Houston
Jeffrey L. Chastain, 713-232-7551
Guy A. Cantwell, 713-232-7647

SOURCE: Transocean Inc.