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Transocean Inc. Drillship Deepwater Millennium Awarded U.S. Gulf of Mexico Drilling Program

September 15, 2004

HOUSTON--(BUSINESS WIRE)--Sept. 15, 2004--Transocean Inc.(NYSE:RIG) today announced that its ultra-deepwater drillship, theDeepwater Millennium, has been awarded a six-month contract fromAnadarko Petroleum Corporation (NYSE:APC) for drilling activities inthe U.S. Gulf of Mexico. The contract is expected to commence onDecember 1, 2004 and contains options to extend the contract overthree, six-month intervals at mutually agreed pricing. Revenues whichcould be generated over the initial six-month contract period totalapproximately $36.4 million.

The Deepwater Millennium is a dynamically positioned,fifth-generation drillship capable of operating in water depths of upto 10,000 feet. The rig entered active service during the fourthquarter of 1999, following construction at the Samsung Shipyard inKorea. The rig is currently operating in the U.S. Gulf of Mexico undera contract that is expected to conclude by the end of September 2004.

Statements regarding contract commencement date, contract durationand contract revenues, as well as any other statements that are nothistorical facts, are forward-looking statements that involve certainrisks, uncertainties and assumptions. These include but are notlimited to operating hazards and delays, actions by customers andother third 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 (SEC), which are available freeof charge on the SEC's website at www.sec.gov. Should one or more ofthese risks or uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially fromthose 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 $10 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.