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Transocean Inc. Announces Closing of TODCO Secondary Stock Offering

May 18, 2005

HOUSTON--(BUSINESS WIRE)--May 18, 2005--Transocean Inc. (NYSE:RIG)today announced the closing of its secondary stock offering of12,000,000 shares of Class A common stock of TODCO (NYSE:THE), apublicly traded company. The offering price was $20.50 per share, andTransocean received approximately $242.3 million of proceeds from theoffering, net of underwriting fees. Transocean intends to use theproceeds for the reduction of corporate debt and general corporatepurposes. After the closing of the offering, Transocean ownsapproximately 2% of TODCO common stock, which remains subject to theunderwriters' over-allotment option.

The underwriters for the offering were Citigroup Global MarketsInc., which acted as sole book-running manager, and JP Morgan and UBSInvestment Bank, which acted as co-managers.

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

This press release shall not constitute an offer to sell or asolicitation of an offer to buy nor shall there be any sale of thesesecurities in any state in which such offer, solicitation or salewould be unlawful prior to registration or qualification under thesecurities laws of any such state.

Statements regarding intended uses of proceeds, 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 and otherfactors detailed in the registration statement relating to thesesecurities and Transocean's filings with the Securities and ExchangeCommission. Should one or more of these risks or uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actualresults may vary materially from those indicated.

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