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Transocean Inc. Announces Contract Awards for Two Fifth-Generation Rigs

February 14, 2005

HOUSTON--(BUSINESS WIRE)--Feb. 14, 2005--Transocean Inc. (NYSE:RIG) today announced that Shell Exploration and Production Company has awarded a contract and contract extension totaling a possible $228 million for two of the company's High-Specification Floaters, the Discoverer Spirit and Deepwater Nautilus.

The drillship Discoverer Spirit received an 18-month contract, expected to commence in September 2005, in direct continuation of the rig's current drilling assignment. The semisubmersible rig Deepwater Nautilus received a 12-month contract extension, expected to begin during September 2005. Revenues of approximately $148 million could be generated over the 18-month program for the Discoverer Spirit, while revenues of an estimated $80 million are possible over the 12-month contract extension for the Deepwater Nautilus.

The Discoverer Spirit is a dynamically positioned, Fifth-Generation drillship capable of working in water depths of up to 10,000 feet and is equipped with the company's patented dual-activity drilling technology, which saves time by allowing drilling tasks to be performed in parallel, rather than sequentially as with conventional offshore drilling rigs. The Deepwater Nautilus is a Fifth-Generation semisubmersible rig capable of working in water depths of up to 8,000 feet. Both rigs entered service in 2000 following their construction and represent two of the company's 32 High-Specification Floaters, 13 of which are Fifth-Generation deepwater floaters.

Statements regarding contract duration, contract commencement date, 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 93 mobile offshore drilling units. 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 sectors of the offshore drilling business. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 24 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 $14 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.