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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 been awarded contracts for two High-Specification Floater rigs, the drillships Deepwater Frontier and Deepwater Pathfinder.

Petrobras has awarded the drillship Deepwater Frontier an estimated 700-day contract for drilling services offshore Brazil. The contract is expected to commence during March 2004 in direct continuation from the rig's current drilling program, also with Petrobras in Brazil. The 700-day contract could generate revenues of up to approximately $101 million.

The drillship Deepwater Pathfinder has received an estimated 110-day contract from Marathon Oil Corporation for drilling services offshore Nova Scotia in Eastern Canada. The rig is expected to commence the contract in May 2004, following the completion of its current drilling program in the U.S. Gulf of Mexico. The estimated 110-day contract could generate revenues of up to approximately $17 million.

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

Statements regarding contract duration, contract commencement date and contract revenues, as well as any other statements that are not historical facts, are forward-looking statements 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 customers and other third parties, the future price of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Transocean Inc. is the world's largest offshore drilling contractor with full or partial ownership in 96 mobile offshore drilling units, excluding the 70-rig fleet of TODCO, a publicly-traded drilling company in which Transocean Inc. owns a majority interest. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business, including industry-leading positions in high-specification deepwater and harsh environment drilling units. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 26 Other Floaters, 26 Jackup Rigs and other assets utilized 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 Stock Exchange under the symbol "RIG."

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

    SOURCE: Transocean Inc.