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Transocean Inc. Announces Operating Incident on Semisubmersible Rig Jim Cunningham

August 24, 2004

HOUSTON--(BUSINESS WIRE)--Aug. 24, 2004--Transocean Inc.(NYSE:RIG) today announced that its semisubmersible rig Jim Cunninghamexperienced a well control incident on Friday, August 20, 2004, whileoperating offshore Egypt in the BG-operated West Delta Deep Marineconcession. A fire resulted from the incident and was contained withinthe rig floor before being extinguished. Following the safe evacuationof all crew members on Friday, essential personnel are in the processof re-boarding the rig to assess the situation. The company is unableat this time to estimate the length of rig downtime or costs to repairthe rig.

The Jim Cunningham has operated in the Mediterranean Sea, locationof the West Delta Deep concession, since August 2002 and recentlycommenced a two-well contract with an expected date of completion oflate 2004.

Statements regarding efforts to re-board the rig, downtime andcost estimates 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.