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Transocean Inc. Announces Strike Called in Norway

July 1, 2004

HOUSTON--(BUSINESS WIRE)--July 1, 2004--Transocean Inc. (NYSE:RIG)today announced that a strike has been called by OFS, one of threeunions representing offshore workers in Norway, on Transoceansemisubmersible units operating in the country. OFS called the strikeafter it was unable to reach an agreement with the NorwegianShipowners Association, which represents rig owners in Norway. Therigs affected immediately are the Polar Pioneer, Transocean Searcherand Transocean Leader. The semisubmersible Transocean Arctic is alsolocated in Norway, but is not currently under contract. Agreementshave been reached previously with NOPEF and DSO, the other two unionsrepresenting workers on offshore units.

Current well operations must be completed and wells must be safelysecured prior to the implementation of the work stoppage. At thattime, the rigs will be de-manned to a minimum safe level. The companyestimates that it will require between five to ten days to secure therigs. At this time, the company cannot estimate the possible length ofthe strike or its financial impact.

Statements regarding the time needed to secure rigs, labor unionnegotiations in Norway, as well as any other statements that are nothistorical facts in the report, are forward-looking statements thatinvolve certain risks, uncertainties and assumptions. These includebut are not limited to operating hazards and delays, risks associatedwith international 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. Should one or more of these risksor uncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.

Transocean Inc. is the world's largest offshore drillingcontractor with full or partial ownership in 95 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), 25Other 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.