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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 onSaturday, July 3, 2004, resulting from a fire in the rig's engine roomwhile operating offshore Turkmenistan in the Caspian Sea. The cause ofthe fire is under investigation. There were no injuries resulting fromthe incident. At present, the rig's crew has been reduced to essentialpersonnel only.

The Trident 20, referred to locally as the Gurtulush, has beenunder a firm three-well contract with Petronas in the Caspian Seasince April 2004, with contract completion previously expected duringDecember 2004, subject to extension options. The company does not knowhow long the necessary rig repairs could take, although preliminaryestimates range from approximately two to three months. The companyhas been advised by Petronas that it currently intends to suspend thecontract, allowing time for the rig repairs.

Statements regarding contract suspension, estimated downtime forrig repairs and expected contract duration, as well as any otherstatements that are not historical facts in this release, areforward-looking statements that involve certain risks, uncertaintiesand assumptions. These include but are not limited to operatinghazards and delays, risks associated with international operations,shipyard availability and execution, actions by customers and otherthird parties, the future price of oil and gas and other factorsdetailed in the company's most recent Form 10-K and other filings withthe Securities and Exchange Commission. Should one or more of theserisks or uncertainties materialize, or should underlying assumptionsprove incorrect, actual results may vary materially from thoseindicated.

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.