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

February 15, 2005

HOUSTON--(BUSINESS WIRE)--Feb. 14, 2005--Transocean Inc.(NYSE:RIG) today announced that Shell Exploration and ProductionCompany has awarded a contract and contract extension totaling apossible $228 million for two of the company's High-SpecificationFloaters, 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 therig's current drilling assignment. The semisubmersible rig DeepwaterNautilus received a 12-month contract extension, expected to beginduring September 2005. Revenues of approximately $148 million could begenerated over the 18-month program for the Discoverer Spirit, whilerevenues of an estimated $80 million are possible over the 12-monthcontract extension for the Deepwater Nautilus.

The Discoverer Spirit is a dynamically positioned,Fifth-Generation drillship capable of working in water depths of up to10,000 feet and is equipped with the company's patented dual-activitydrilling technology, which saves time by allowing drilling tasks to beperformed in parallel, rather than sequentially as with conventionaloffshore drilling rigs. The Deepwater Nautilus is a Fifth-Generationsemisubmersible rig capable of working in water depths of up to 8,000feet. Both rigs entered service in 2000 following their constructionand represent two of the company's 32 High-Specification Floaters, 13of which are Fifth-Generation deepwater floaters.

Statements regarding contract duration, contract commencementdate, contract revenues, 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 sectors 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 $14 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.