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Transocean Inc. Commences Tender Offer for Its 6.625% Notes Due 2011

July 14, 2005

HOUSTON, Jul 14, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE: RIG) announced that it hascommenced a tender offer today for any and all of its outstanding6.625% Notes due April 15, 2011.

Under the terms of the offer, Transocean will purchase theseoutstanding Notes at a purchase price determined by reference to afixed spread of 40 basis points or 0.40% over the yield to maturitybased on the bid side price of the U.S. Treasury 5% Bond due February15, 2011 as measured at 2:00 P.M., New York City time, on July 21,2005, plus accrued and unpaid interest up to the date of payment ofsuch purchased Notes. The offer will expire at 5:00 P.M., New YorkCity time, on July 21, 2005, unless the offer is extended or earlierterminated. Payment for tendered Notes will be paid for in same-dayfunds promptly following the expiration of the offer. It is expectedthat payment will be made on July 22, 2005. Transocean intends to useexisting cash balances on hand to pay for all such Notes purchasedpursuant to the offer.

Credit Suisse First Boston LLC will act as Dealer Manager for theoffer. The Information Agent is Global Bondholder ServicesCorporation, and the Depositary is The Bank of New York. Persons withquestions regarding the offer should contact the Dealer Managertoll-free at 800-820-1653 or collect at 212-538-0652 or theInformation Agent at 212-430-3774 or 866-477-3700.

This news release is neither an offer to purchase nor asolicitation of an offer to sell the Notes. The offer is made only bythe Offer to Purchase dated July 14, 2005.

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 $18 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"

SOURCE: Transocean Inc.

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