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Transocean Inc. High-Specification Drillship Deepwater Frontier Awarded Two-Year Contract

July 11, 2005

HOUSTON--(BUSINESS WIRE)--July 11, 2005--Transocean Inc.(NYSE:RIG) today announced that its High-Specification drillship, theDeepwater Frontier, has been awarded a two-year contract by aninternational oil and gas operator. The contract is expected tocommence in the late-third quarter or early-fourth quarter of 2006.The Deepwater Frontier is currently under contract to PetroleoBrasileiro S.A. (Petrobras) in Brazil until approximately May 2006.Revenues of an estimated $234 million could be generated over thetwo-year contract period, excluding revenues for mobilization,demobilization and client reimbursables.

The Deepwater Frontier, a dynamically positioned, Fifth-Generationdrillship, is one of 32 High-Specification rigs in the Transocean Inc.fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rig,which is capable of operating in water depths of up to 10,000 feet,entered active service in 1999 following its construction in Korea.

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, the actualrevenues earned and other factors detailed in the company's mostrecent Form 10-K and other filings with the Securities and ExchangeCommission (SEC), which are available free of charge on the SEC'swebsite at www.sec.gov. Should one or more of these risks oruncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.

Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 92 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 segments of the offshoredrilling business. The company's fleet consists of 32High-Specification Floaters (semisubmersibles and drillships), 24Other Floaters, 25 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $17 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.