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Transocean Inc. Announces Contract Awards for Three High-Specification Rigs

November 8, 2004

HOUSTON--(BUSINESS WIRE)--Nov. 8, 2004--Transocean Inc. (NYSE:RIG)today announced that two clients have awarded contracts totaling apossible $257 million for three of the company's High-Specificationrigs, the ultra-deepwater rigs Cajun Express and Discoverer Deep Seasand the deepwater rig Transocean Marianas.

ChevronTexaco (NYSE:CVX) has awarded a two-year contract for theultra-deepwater semisubmersible rig Cajun Express starting June 2005and has awarded the ultra-deepwater drillship Discoverer Deep Seas aone-year contract extension starting January 2006. The contracts arefor exploration and development drilling work in the U.S. Gulf ofMexico. Revenues of approximately $151.3 million could be generatedover the 730-day contract for the Cajun Express. Revenues ofapproximately $87.6 million could be generated over the 365-daycontract extension for the Discoverer Deep Seas.

Separately, Murphy Oil Corporation (NYSE:MUR) has awarded anestimated 120-day contract for the deepwater semisubmersible rigTransocean Marianas for a one-well drilling program in the U.S. Gulfof Mexico. The contract will commence in direct continuation of therig's current drilling program, on or around December 1, 2004.Revenues of approximately $18.0 million could be generated over theestimated 120-day contract duration.

The Cajun Express is a dynamically positioned, ultra-deepwatersemisubmersible rig capable of working in water depths of up to 8,500feet. The Discoverer Deep Seas is a dynamically positionedultra-deepwater drillship capable of working in water depths of up to10,000 feet. Both rigs entered service in 2001 as newbuild units. TheTransocean Marianas, which was upgraded to its current specificationsin 1998, is a moored semisubmersible rig capable of operating in waterdepths of up to 7,000 feet. The rigs are three of 32High-Specification Floaters in the Transocean fleet, 17 of which arecapable of drilling in water depths of 7,000 feet or greater.

Statements regarding contract commencement date, contractduration, contract revenues, as well as any other statements that arenot historical facts, are forward-looking statements that involvecertain risks, uncertainties and assumptions. These include but arenot limited 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 a fleet of 94 mobile offshore drilling units,excluding the 70-rig fleet of TODCO, a publicly traded drillingcompany in which Transocean Inc. has a majority voting interest. Thecompany's mobile offshore drilling fleet, consisting of a large numberof high-specification deepwater and harsh environment drilling units,is considered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. The company's fleet consists of 32High-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 $11 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.