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Transocean Inc. Commences Marketing of Proposed Initial Public Offering of TODCO

January 21, 2004

HOUSTON, Jan 21, 2004 (BUSINESS WIRE) -- Transocean Inc.(NYSE:RIG) today announced it has commenced marketing efforts for aproposed initial public offering of its Gulf of Mexico Shallow andInland Water wholly-owned subsidiary, TODCO. Transocean expects tooffer 12,000,000 shares of Class A common stock, or approximately 20%of TODCO's outstanding shares. The estimated price range has been setat $11.00 to $13.00 per share. All of the shares are secondary sharesbeing offered by Transocean. When issued, the common stock is expectedto trade on the New York Stock Exchange under the symbol \"THE\".

The representatives of the underwriters of the offering are MorganStanley, which is acting as sole bookrunner, Banc of AmericaSecurities LLC, Citigroup, Credit Suisse First Boston, UBS InvestmentBank and Simmons & Company, International, each of which are acting asco-managers. The underwriters have been granted an option byTransocean to purchase up to an additional 1,800,000 shares to coverover-allotments, if any.

A registration statement relating to these securities has beenfiled with the Securities and Exchange Commission but has not yetbecome effective. These securities may not be sold nor may offers tobuy be accepted prior to the time the registration statement becomeseffective. This press release shall not constitute an offer to sell orthe solicitation of an offer to buy nor shall there be any sale of thesecurities in any state in which such offer, solicitation or salewould be unlawful prior to registration or qualification of thesecurities laws of any such state.

A copy of the preliminary prospectus may be obtained from MorganStanley, Prospectus Department, 1585 Broadway, New York, NY 10036(Tel. 212-761-6775).

Statements regarding estimated initial public offering price,number of shares to be sold in the offering and use of proceeds, aswell as any other statements that are not historical facts in thisrelease are forward-looking statements that involve certain risks,uncertainties and assumptions. These include but are not limited togeneral market conditions, market conditions in the financial markets,customary offering closing conditions and other factors detailed inthe registration statement relating to these securities andTransocean's 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.

SOURCE: Transocean Inc.

Transocean Inc., HoustonAnalyst Contact:Jeffrey L. Chastain, 713-232-7551orMedia Contact:Guy A. Cantwell, 713-232-7647
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