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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 pricing of its secondary stock offering of 12,000,000 shares of Class A common stock of TODCO (NYSE:THE), a publicly traded company. The offering was priced today at $20.50 per share, and the transaction is expected to close on May 18, 2005, subject to customary closing conditions. Transocean expects to receive approximately $242.3 million of proceeds from the offering, net of underwriting fees. Transocean intends to use the proceeds for the reduction of corporate debt and general corporate purposes.

The underwriters for the offering include Citigroup Global Markets Inc., which is acting as sole book-running manager, and JP Morgan and UBS Investment Bank, which are acting as co-managers. Transocean has granted the underwriters an option to purchase up to an additional 1,310,000 shares to cover over-allotments, if any.

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

A copy of the preliminary prospectus supplement and accompanying prospectus may be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220.

Statements regarding expected net proceeds, intended uses of proceeds, timing and other aspects of the offering, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to general market conditions, market conditions in the financial markets, customary offering closing conditions and other factors detailed in the registration statement relating to these securities and Transocean's filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

SOURCE: Transocean Inc.

Transocean Inc., Houston
Analyst Contact:      
Jeffrey L. Chastain, 713-232-7551
Media Contact:
Guy A. Cantwell, 713-232-7647