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Transocean Inc. Announces Contract Awards for Two High-Specification Rigs

March 11, 2004

HOUSTON--(BUSINESS WIRE)--March 11, 2004--Transocean Inc.(NYSE:RIG) today announced that subsidiaries of the company have beenawarded contracts for two High-Specification Floater rigs, thedrillships Deepwater Frontier and Deepwater Pathfinder.

Petrobras has awarded the drillship Deepwater Frontier anestimated 700-day contract for drilling services offshore Brazil. Thecontract is expected to commence during March 2004 in directcontinuation from the rig's current drilling program, also withPetrobras in Brazil. The 700-day contract could generate revenues ofup to approximately $101 million.

The drillship Deepwater Pathfinder has received an estimated110-day contract from Marathon Oil Corporation for drilling servicesoffshore Nova Scotia in Eastern Canada. The rig is expected tocommence the contract in May 2004, following the completion of itscurrent drilling program in the U.S. Gulf of Mexico. The estimated110-day contract could generate revenues of up to approximately $17million.

The drillships Deepwater Frontier and Deepwater Pathfinder are twoof the company's 32 High-Specification Floater rigs, 28 of which arecapable of operating in water depths of 4,500 feet and greater.

Statements regarding contract duration, contract commencement dateand contract revenues, as well as any other statements that are nothistorical facts, are forward-looking statements that involve certainrisks, uncertainties and assumptions. These include but are notlimited to operating hazards and delays, risks associated withinternational operations, actions by customers and other thirdparties, the future price of oil and gas and other factors detailed inthe company's most recent Form 10-K and other filings with theSecurities and Exchange Commission (SEC), which are available free ofcharge on the SEC's website at www.sec.gov. Should one or more ofthese risks or uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially fromthose indicated.

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 emphasis ontechnically 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 Floaters (semisubmersibles and drillships), 26Other Floaters, 26 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $9 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe 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.