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Transocean Inc. Semisubmersible Deepwater Nautilus Unaccounted For Following Storm

September 16, 2004

HOUSTON--(BUSINESS WIRE)--Sept. 16, 2004--Transocean Inc.(NYSE:RIG) today announced that a search continues in the Gulf ofMexico for the deepwater semisubmersible Deepwater Nautilus in theaftermath of Hurricane Ivan. All personnel had previously been safelyevacuated and the well was secured before the approach of the storm.The U.S. Coast Guard has been notified of the missing rig, which wasmoored to the seafloor with anchors and related equipment at itslocation approximately 160 miles south of Mobile, Alabama.

The company has accounted for all of its other drilling rigs inthe Gulf of Mexico, consisting of five deepwater drillships and threeother deepwater semisubmersible rigs. The company will provide anupdate when more information becomes available.

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.