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Transocean Inc. Semisubmersible Sedco Express Selected for BP's Greater Plutonio Project

August 2, 2004

HOUSTON, Aug 2, 2004 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG)today announced that its Fifth-Generation semisubmersible rig SedcoExpress has been selected by BP to provide contract drilling serviceson the BP-operated Greater Plutonio project located offshore Angola.The Sedco Express is expected to commence operations on the GreaterPlutonio project during the second quarter of 2005, with a contractduration of three years plus options for further drilling on theproject. Revenues of approximately $181 million could be generatedover the three-year contract duration, exclusive of a mobilization feeand the cost of certain rig modifications, both covered by BP.

The Sedco Express is one of 32 high specification rigs in theTransocean Inc. fleet, 28 of which are capable of operating in waterdepths of 4,500 feet and greater. The rig entered active service inMay 2001, following its construction in Brest, France, and is capableof working in water depths of up to 7,500 feet. The Sedco Express iscurrently under contract to Petrobras offshore Brazil through August2004 and is expected to enter a shipyard in January 2005 formodifications ahead of the commencement of the Greater Plutonioproject. Transocean is currently evaluating contract opportunities forthe rig in both Brazil and West Africa for the four-month periodfollowing the conclusion of the current contract with Petrobras andthe commencement of shipyard activities.

The project to develop six fields will be the first development inAngola's Block 18 and the first BP-operated project in Angola. Thefields Galio, Cromio, Paladio, Plutonio, Cobalto and Platina,collectively known as Greater Plutonio, are located in water depths of3,900 feet to 4,900 feet.

Statements regarding contract commencement date, contractduration, contract revenues and planned shipyard work, as well as anyother statements that are not historical facts, are forward-lookingstatements that involve certain risks, uncertainties and assumptions.These include but are not limited to operating hazards and delays,actions by customers and other third parties, the future price of oiland gas and other factors detailed in the company's most recent Form10-K and other filings with the Securities and Exchange Commission(SEC), which are available free of charge on the SEC's website atwww.sec.gov. Should one or more of these risks or uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actualresults may vary materially from those indicated.

Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 95 mobile offshore drilling units,excluding the 70-rig fleet of TODCO, a publicly traded drillingcompany in which Transocean Inc. owns a majority interest. Thecompany's mobile offshore drilling fleet, consisting of a large numberof high-specification deepwater and harsh environment drilling units,is considered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. The company's fleet consists of 32High-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.\"

SOURCE: Transocean Inc.

Transocean Inc., HoustonAnalyst Contact:Jeffrey L. Chastain, 713-232-7551orMedia Contact:Guy A. Cantwell, 713-232-7647
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