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

December 7, 2004

HOUSTON--(BUSINESS WIRE)--Dec. 7, 2004--Transocean Inc. (NYSE:RIG)announced that it has priced today its tender offer for any and all ofits outstanding 8.00% Debentures due April 15, 2027.

Under the terms of the offer and assuming a settlement date ofDecember 10, 2004, Transocean will pay $1,304.49 plus accrued interestof $12.22 (for a total of $1,316.71) for each $1,000 principal amountof Debentures purchased in the offer. This price was determined byreference to a fixed spread of 70 basis points or 0.7% over thereference yield of 4.895%, which equals the yield to maturity based onthe bid side price of the U.S. Treasury 5.375% Bond due February 15,2031 as measured today at 3:00 P.M., New York City time.

The offer will expire at 5:00 P.M., New York City time, onDecember 9, 2004, unless the offer is extended or earlier terminated.Transocean will pay for tendered Debentures in same-day funds promptlyfollowing the expiration of the offer. It is expected that paymentwill be made on December 10, 2004. Transocean intends to use existingcash balances on hand to pay for all such Debentures purchasedpursuant to the offer.

Goldman, Sachs & Co. has been acting as Dealer Manager for theoffer. The Information Agent is Global Bondholder ServicesCorporation, and the Depositary is The Bank of New York. Persons withquestions regarding the offer should contact the Information Agent at212-430-3774 or 866-294-2200 or the Dealer Manager toll-free at800-828-3182.

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.