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Transocean Inc. Provides Fourth Quarter 2004 Update

January 31, 2005

HOUSTON--(BUSINESS WIRE)--Jan. 31, 2005--Transocean Inc.(NYSE:RIG) today reported that results for the three months endedDecember 31, 2004 are expected to be below results of the previousquarter in 2004. Revenues for the fourth quarter were negativelyimpacted by idle time on the drillship Deepwater Millennium in theGulf of Mexico, downtime relating to the mobilization of the drillshipDeepwater Pathfinder to Nigeria and semisubmersible Transocean Ratherto the North Sea and the warm stacking of the semisubmersible rig M.G.Hulme in Nigeria. In addition, costs to complete repairs on twopreviously damaged rigs, the jackup rig Trident 20 and thesemisubmersible rig Jim Cunningham, a special periodic survey on thesemisubmersible rig Polar Pioneer and substantial work on the jackuprig J.T. Angel in the Far East prior to commencing a new contract willcontribute to significantly higher operating and maintenance costs inthe quarter. Repair and maintenance programs performed on the Trident20, Polar Pioneer and J.T. Angel were completed during the fourthquarter of 2004 and each rig has returned to service. Repairs to theJim Cunningham should be completed during January 2005 and the rig isexpected to immediately recommence a drilling program in the easternMediterranean. General and administrative expenses will also be higherthan the previous quarter in 2004 due to severance costs and costsrelated to Sarbanes-Oxley compliance efforts.

The company will report results for the fourth quarter and fullyear 2004 on the morning of Tuesday, February 15, 2005. Following theearnings report, expected to be released prior to the commencement oftrading in the United States, the company will conduct ateleconference call at 10:00 a.m. ET on February 15. Individuals whowish to participate in the teleconference call should dial303-262-2075 approximately five to 10 minutes prior to the scheduledstart time of the call.

In addition, the conference call will be simulcast through alisten-only broadcast over the Internet and can be accessed by loggingonto the company's Worldwide Web address at www.deepwater.com andselecting \"Investor Relations.\" It may also be accessed via theWorldwide Web at www.CompanyBoardroom.com by typing in the company'sNew York Stock Exchange trading symbol, \"RIG.\"

A telephonic replay of the conference call should be availableafter 1:00 p.m. ET on February 15, and can be accessed by dialing303-590-3000 and referring to the passcode 11021711. Also, a replaywill be available through the Internet and can be accessed by visitingeither of the above-referenced Worldwide Web addresses. Both replayoptions will be available for approximately 30 days.

Statements regarding results for the fourth quarter of 2004,expected levels for operating and maintenance and general andadministrative expenses, completion of repairs and recommencement ofdrilling contracts, as well as any other statements that are nothistorical facts, are forward-looking statements that involve certainrisks, uncertainties and assumptions. These include but are notlimited 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 93 mobile offshore drilling units. 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), 24Other Floaters, 26 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $13 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"

    CONTACT: Transocean Inc.             Jeffrey L. Chastain, 713-232-7551 (Analyst)             Guy A. Cantwell, 713-232-7647 (Media)    SOURCE: Transocean Inc.