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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 ownsthe drillship Deepwater Pathfinder. Transocean already owned the other50% interest in the joint venture company. Deepwater Drilling L.L.C.is now a wholly-owned subsidiary of Transocean and will beconsolidated in its financial statements.

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

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

SOURCE: Transocean Inc.