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Transocean Inc. Announces Closing of TODCO Public Offering

February 10, 2004

HOUSTON--(BUSINESS WIRE)--Feb. 10, 2004--Transocean Inc.(NYSE:RIG) today announced the closing of its public offering of13,800,000 shares of Class A common stock of TODCO (NYSE:THE), thecompany's Gulf of Mexico Shallow and Inland Water subsidiary. Theoffering price was $12.00 per share. The closing included 1,800,000shares relating to the underwriters' over-allotment option, which wasexercised in full. Transocean received approximately $150.2 million ofproceeds from the offering, net of underwriting fees and estimatedexpenses. Transocean intends to use the proceeds for the reduction ofcorporate debt and general corporate purposes.

The representatives of the underwriters of the offering are MorganStanley & Co. Incorporated, which is acting as sole bookrunner, Bancof America Securities LLC, Citigroup Global Markets Inc., CreditSuisse First Boston LLC, UBS Securities LLC and Simmons & Company,International, each of which are acting as co-managers.

A copy of a written prospectus related to this offering may beobtained from Morgan Stanley & Co. Incorporated, ProspectusDepartment, 1585 Broadway, New York, NY 10036 (Tel. 212-761-6775).

This press release shall not constitute an offer to sell or asolicitation of an offer to buy nor shall there be any sale of thesesecurities in any state in which such offer, solicitation or salewould be unlawful prior to registration or qualification under thesecurities laws of any such state.

Statements regarding estimated net proceeds and use of proceeds,as well 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 tofactors detailed in Transocean's filings with the Securities andExchange Commission. Should one or more of these risks oruncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.

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