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

July 21, 2005

HOUSTON--(BUSINESS WIRE)--July 21, 2005--Transocean Inc.(NYSE:RIG) announced that it has priced today its tender offer for anyand all of its outstanding 6.625% Notes due April 15, 2011.

Under the terms of the offer and assuming a settlement date ofJuly 22, 2005, Transocean will pay $1,105.78 plus accrued interest of$17.85 (for a total of $1,123.63) for each $1,000 principal amount ofNotes purchased in the offer. This price was determined by referenceto a fixed spread of 40 basis points or 0.40% over the yield tomaturity based on the bid side price of the U.S. Treasury 5% Bond dueFebruary 15, 2011 as measured today at 2:00 P.M., New York City time.

The offer is scheduled to expire today at 5:00 P.M., New York Citytime, unless the offer is extended or earlier terminated. Transoceanwill pay for tendered Notes in same-day funds promptly following theexpiration of the offer. It is expected that payment will be made onJuly 22, 2005. Transocean intends to use existing cash balances onhand to pay for all such Notes purchased pursuant to the offer.

Credit Suisse First Boston LLC has been acting as Dealer Managerfor the offer. 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 866-470-3700.

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 $17 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"

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