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Transocean Inc. Completes Redemption of Its 9.50% Senior Notes Due 2008

March 31, 2004

HOUSTON--(BUSINESS WIRE)--March 31, 2004--Transocean Inc. (NYSE:RIG) today announced that it has completed the redemption of its $289.8 million face value, 9.50% Senior Notes due 2008. The notes were redeemed on March 30, 2004 at 127.796% of face value, or $370.3 million plus accrued and unpaid interest of $8.0 million. The company will recognize a loss on retirement of the notes of approximately $28.1 million in the first quarter of 2004. The redemption did not include the 9.50% Notes due 2008 of TODCO (NYSE:THE), a publicly traded drilling company in which Transocean owns a majority interest.

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 $8 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.