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Transocean Reports Operating Incident on Jackup Rig Trident 20

July 7, 2004

HOUSTON--(BUSINESS WIRE)--July 7, 2004--Transocean Inc. (NYSE:RIG) today reported that its jackup rig Trident 20 suffered damage on Saturday, July 3, 2004, resulting from a fire in the rig's engine room while operating offshore Turkmenistan in the Caspian Sea. The cause of the fire is under investigation. There were no injuries resulting from the incident. At present, the rig's crew has been reduced to essential personnel only.

The Trident 20, referred to locally as the Gurtulush, has been under a firm three-well contract with Petronas in the Caspian Sea since April 2004, with contract completion previously expected during December 2004, subject to extension options. The company does not know how long the necessary rig repairs could take, although preliminary estimates range from approximately two to three months. The company has been advised by Petronas that it currently intends to suspend the contract, allowing time for the rig repairs.

Statements regarding contract suspension, estimated downtime for rig repairs and expected contract duration, as well as any other statements that are not historical facts in this release, 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, shipyard availability and execution, 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. 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 95 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), 25 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.