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Transocean Inc. Completes Redemption of Its 6.95% Senior Notes Due 2008

March 21, 2005

HOUSTON--(BUSINESS WIRE)--March 21, 2005--Transocean Inc.(NYSE:RIG) today announced that it has completed the redemption of its$247.8 million face value, 6.95% Senior Notes due April 2008. Thenotes were redeemed today at 108.259% of face value, or $268.2 millionplus accrued interest of $7.5 million. The company will recognize aloss on redemption of debt of approximately $7.0 million in the firstquarter of 2005. The redemption did not affect the 6.95% Senior Notesdue April 2008 of TODCO, a publicly traded company in which Transoceanowns a minority interest.

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 offshore drillingbusiness. The company's fleet consists of 32 High-SpecificationFloaters (semisubmersibles and drillships), 24 Other Floaters, 26Jackup Rigs and other assets utilized in the support of offshoredrilling activities worldwide. With a current equity marketcapitalization in excess of $15 billion, Transocean Inc.'s ordinaryshares are traded on the New York Stock Exchange under the 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.