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Transocean Inc. Completes Redemption of Its 6.75% Senior Notes Due 2005

October 25, 2004

HOUSTON, Oct 25, 2004 (BUSINESS WIRE) -- Transocean Inc.(NYSE:RIG) today announced that it has completed the redemption of its$342.3 million face value, 6.75% Senior Notes due April 2005. Thenotes were redeemed today at 102.127% of face value, or $349.5 millionplus accrued and unpaid interest of $0.6 million. The company willrecognize a loss on redemption of debt of approximately $3.3 millionin the fourth quarter of 2004. The redemption did not affect the 6.75%Senior Notes due April 2005 of TODCO (NYSE:THE), a publicly tradedcompany in which Transocean owns a majority voting interest.

Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 94 mobile offshore drilling units,excluding the 70-rig fleet of TODCO. The company's mobile offshoredrilling fleet, consisting of a large number of high-specificationdeepwater and harsh environment drilling units, is considered one ofthe most modern and versatile in the world due to its emphasis ontechnically demanding segments of the offshore drilling business. Thecompany's fleet consists of 32 High-Specification Floaters(semisubmersibles and drillships), 25 Other Floaters, 26 Jackup Rigsand other assets utilized in the support of offshore drillingactivities worldwide. With a current equity market capitalization inexcess of $11 billion, Transocean Inc.'s ordinary shares are traded onthe New York Stock Exchange under the symbol \"RIG.\"

SOURCE: Transocean Inc.

Transocean Inc., HoustonAnalyst Contact: Jeffrey L. Chastain, 713-232-7551orMedia Contact: Guy A. Cantwell, 713-232-7647