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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, the Deepwater Millennium, has been awarded a six-month contract from Anadarko Petroleum Corporation (NYSE:APC) for drilling activities in the U.S. Gulf of Mexico. The contract is expected to commence on December 1, 2004 and contains options to extend the contract over three, six-month intervals at mutually agreed pricing. Revenues which could be generated over the initial six-month contract period total approximately $36.4 million.

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

Statements regarding contract commencement date, contract duration and contract revenues, as well as any other statements that are not historical facts, are forward-looking statements 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 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 (SEC), which are available free of charge on the SEC's website at www.sec.gov. 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 $10 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.