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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 wereredeemed on March 30, 2004 at 127.796% of face value, or $370.3million plus accrued and unpaid interest of $8.0 million. The companywill recognize a loss on retirement of the notes of approximately$28.1 million in the first quarter of 2004. The redemption did notinclude the 9.50% Notes due 2008 of TODCO (NYSE:THE), a publiclytraded drilling company in which Transocean owns a majority interest.

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 $8 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.