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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 a possible $257 million for three of the company's High-Specification rigs, the ultra-deepwater rigs Cajun Express and Discoverer Deep Seas and the deepwater rig Transocean Marianas.

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

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

The Cajun Express is a dynamically positioned, ultra-deepwater semisubmersible rig capable of working in water depths of up to 8,500 feet. The Discoverer Deep Seas is a dynamically positioned ultra-deepwater drillship capable of working in water depths of up to 10,000 feet. Both rigs entered service in 2001 as newbuild units. The Transocean Marianas, which was upgraded to its current specifications in 1998, is a moored semisubmersible rig capable of operating in water depths of up to 7,000 feet. The rigs are three of 32 High-Specification Floaters in the Transocean fleet, 17 of which are capable of drilling in water depths of 7,000 feet or greater.

Statements regarding contract commencement date, contract duration, 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 a fleet of 94 mobile offshore drilling units, excluding the 70-rig fleet of TODCO, a publicly traded drilling company in which Transocean Inc. has a majority voting interest. The company's mobile offshore drilling fleet, consisting of a large number of high-specification deepwater and harsh environment drilling units, 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. 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 $11 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.