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Transocean Inc. Announces Pricing of TODCO Secondary Stock Offering

May 13, 2005

HOUSTON, May 13, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced the pricingof its secondary stock offering of 12,000,000 shares of Class A commonstock of TODCO (NYSE:THE), a publicly traded company. The offering waspriced today at $20.50 per share, and the transaction is expected toclose on May 18, 2005, subject to customary closing conditions.Transocean expects to receive approximately $242.3 million of proceedsfrom the offering, net of underwriting fees. Transocean intends to usethe proceeds for the reduction of corporate debt and general corporatepurposes.

The underwriters for the offering include Citigroup Global MarketsInc., which is acting as sole book-running manager, and JP Morgan andUBS Investment Bank, which are acting as co-managers. Transocean hasgranted the underwriters an option to purchase up to an additional1,310,000 shares to cover over-allotments, if any.

A registration statement relating to these securities has beenfiled with the Securities and Exchange Commission. This press releaseshall not constitute an offer to sell or the solicitation of an offerto buy nor shall there be any sale of the securities in any state inwhich such offer, solicitation or sale would be unlawful prior toregistration or qualification of the securities laws of any suchstate.

A copy of the preliminary prospectus supplement and accompanyingprospectus may be obtained from Citigroup Global Markets Inc.,Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY11220.

Statements regarding expected net proceeds, intended uses ofproceeds, timing and other aspects of the offering, as well as anyother statements that are not historical facts in this release, areforward-looking statements that involve certain risks, uncertaintiesand assumptions. These include but are not limited to general marketconditions, market conditions in the financial markets, customaryoffering closing conditions and other factors detailed in theregistration statement relating to these securities and Transocean'sfilings with the Securities and Exchange Commission. Should one ormore of these risks or uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially fromthose indicated.

SOURCE: Transocean Inc.

Transocean Inc., HoustonAnalyst Contact:      Jeffrey L. Chastain, 713-232-7551orMedia Contact:Guy A. Cantwell, 713-232-7647