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Transocean Inc. Announces Contracts for Three Deepwater Rigs

February 17, 2004

HOUSTON--(BUSINESS WIRE)--Feb. 17, 2004--Transocean Inc.(NYSE:RIG) today announced that subsidiaries of the company have beenawarded contracts for three deepwater drilling rigs, semisubmersiblesTransocean Leader and Jack Bates and drillship Deepwater Discovery.The contracts are for drilling programs offshore Norway, the UnitedKingdom (U.K.) and Nigeria, respectively.

Statoil, the state oil company of Norway, has awardedsemisubmersible Transocean Leader an estimated 15-month contract fordrilling services on the Norwegian continental shelf. The contract isexpected to commence by early-May 2004, following a brief shipyardprogram to perform contract-specific rig modifications. Revenues whichcould be generated from the 15-month contract total $85.1 million.Transocean Leader is presently idle in the U.K.-sector of the NorthSea.

Total has awarded semisubmersible Jack Bates an estimated 100-daycontract for drilling services in the U.K.-sector of the North Sea.The contract will commence by April 1, 2004 and could generaterevenues of $12.5 million. The rig has recently completed a drillingprogram in the region and is expected to be idle until commencement ofthe Total program.

Affiliates of ExxonMobil have contracted drillship DeepwaterDiscovery for a two-well, estimated 90-day drilling program offshoreNigeria. The contract commenced on February 6, 2004 and could generaterevenues of $15.7 million.

Semisubmersibles Transocean Leader and Jack Bates and drillshipDeepwater Discovery are three of the company's 32 high-specificationmobile offshore drilling units, 28 of which are capable of operatingin water depths of 4,500 feet and greater.

Transocean Inc. is the world's largest offshore drillingcontractor with full or partial ownership in 96 mobile offshoredrilling units, excluding the 70-rig fleet of TODCO, a publicly-tradeddrilling company in which Transocean Inc. owns a majority interest.The company's mobile offshore drilling fleet is considered one of themost modern and versatile in the world due to its concentration intechnically demanding segments of the offshore drilling business,including industry-leading positions in high-specification deepwaterand harsh environment drilling units. The company's fleet consists of32 high-specification semisubmersibles and drillships (floaters), 26other floaters, 26 non-U.S. jackup drilling rigs and other assetsutilized in the support of offshore drilling activities worldwide.With a current equity market capitalization in excess of $9 billion,Transocean Inc.'s ordinary shares are traded on the New York StockExchange 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.