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Transocean Inc. Commences Tender Offer for Its 8.00% Debentures Due April 15, 2027

December 2, 2004

HOUSTON--(BUSINESS WIRE)--Dec. 2, 2004--Transocean Inc. (NYSE:RIG)announced that it has commenced a tender offer today for any and allof its outstanding 8.00% Debentures due April 15, 2027.

Under the terms of the offer, Transocean will purchase theseoutstanding Debentures at a purchase price determined by reference toa fixed spread of 70 basis points or 0.7% over the yield to maturitybased on the bid side price of the U.S. Treasury 5.375% Bond dueFebruary 15, 2031 as measured at 3:00 P.M., New York City time, onDecember 7, 2004, plus accrued and unpaid interest up to the date ofpayment of such purchased Debentures. The offer will expire at 5:00P.M., New York City time, on December 9, 2004, unless the offer isextended or earlier terminated. Payment for tendered Debentures willbe paid for in same-day funds promptly following the expiration of theoffer. It is expected that payment will be made on December 10, 2004.Transocean intends to use existing cash balances on hand to pay forall such Debentures purchased pursuant to the offer.

Goldman, Sachs & Co. will act as Dealer Manager for the offer. TheInformation Agent is Global Bondholder Services Corporation, and theDepositary is The Bank of New York. Persons with questions regardingthe offer should contact the Information Agent at 212-430-3774 or866-294-2200 or the Dealer Manager toll-free at 800-828-3182.

This news release is neither an offer to purchase nor asolicitation of an offer to sell the Debentures. The offer is madeonly by the Offer to Purchase dated December 2, 2004.

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 $12 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.