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Transocean Inc. Confirms Semisubmersible Deepwater Nautilus Found in Gulf of Mexico

September 16, 2004

HOUSTON--(BUSINESS WIRE)--Sept. 16, 2004--Transocean Inc.(NYSE:RIG) today announced that its semisubmersible rig DeepwaterNautilus has been located in the Gulf of Mexico, more than 70 milesnortheast of its original location prior to the arrival of HurricaneIvan. A visual inspection from a fixed-wing aircraft did not indicateany damage to the unit. A complete assessment of the rig's conditionwill be made once personnel board the unit.

Statements regarding the condition of the Deepwater Nautilus andthe timing of further inspections, as well as any other statementsthat are not historical facts in this release, are forward-lookingstatements that involve certain risks, uncertainties and assumptions.These include but are not limited to operating hazards and delays,risks associated with international operations, results ofinvestigations regarding riser, actions by customers and other thirdparties, the future price of oil and gas and other factors detailed inthe company's most recent Form 10-K and other filings with theSecurities and Exchange Commission. Should one or more of these risksor uncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those 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.