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Transocean Inc. Provides Update on Fleet Contract Status

January 5, 2004

HOUSTON--(BUSINESS WIRE)--Jan. 5, 2004--Transocean Inc. (NYSE:RIG)today announced that its reports of drilling rig status and contractinformation covering the company's offshore drilling fleet have beenupdated as of January 5, 2004.

The primary report, titled Monthly Fleet Update, covers the rigstatus and contract information on drilling rigs comprising thecompany's non-U.S. mobile offshore drilling fleet and its fleet ofsemisubmersible rigs and drillships operating in the United States. Asecond report, titled Monthly Fleet Update - Jackups and Barges,provides condensed rig status and contract information on thecompany's Gulf of Mexico-based jackups and drilling barges.

The reports are available through the company's website atwww.deepwater.com and can be found in the \"InvestorRelations/Financial Reports\" section of the website. By subscribing tothe Transocean Financial Report Alert, you will be immediatelynotified when new postings are made to this page by an automatede-mail, which will provide a link directly to the page that has beenupdated. Shareholders and other interested parties are invited to signup for this service.

Statements contained in the Monthly Fleet Updates involving theestimated duration of client contracts, contract dayrate amounts,future contract commencement dates and locations, as well as any otherstatements that are not historical facts, are forward-lookingstatements 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 customersand other third parties, the future price of oil and gas and otherfactors detailed in the company's most recent Form 10-K and otherfilings with the Securities and Exchange Commission (SEC), which areavailable free of charge on the SEC's website at www.sec.gov. Shouldone or more of these risks or uncertainties materialize, or shouldunderlying 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 $7 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    SOURCE: Transocean Inc.