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Transocean Inc. Announces Expiration of Tender Offer for Its 8.00% Debentures Due April 15, 2027

December 10, 2004

HOUSTON--(BUSINESS WIRE)--Dec. 10, 2004--Transocean Inc.(NYSE:RIG) announced that its offer to purchase any and all of itsoutstanding 8.00% Debentures due April 15, 2027 expired yesterday at5:00 P.M., New York City time.

As of the expiration of the offer, a total of $142.2 million inaggregate principal amount of the Debentures had been tendered forpurchase, representing approximately 71.1% of the aggregateoutstanding principal amount. Assuming a settlement date of December10, 2004, the purchase price is $1,304.49 plus accrued interest of$12.22 (for a total of $1,316.71) for each $1,000 principal amount ofDebentures purchased in the offer.

Goldman, Sachs & Co. acted as Dealer Manager for the offer. TheInformation Agent was Global Bondholder Services Corporation, and theDepositary was The Bank of New York.

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.