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Transocean Inc. Announces Expiration of Tender Offer for Its 6.625% Notes Due 2011

July 22, 2005

HOUSTON, Jul 22, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) announced that its offer topurchase any and all of its outstanding 6.625% Notes due April 15,2011 expired yesterday at 5:00 P.M. New York City time.

As of the expiration of the offer, a total of $534.4 million inaggregate principal amount of the Notes had been tendered forpurchase, representing approximately 76.3% of the aggregateoutstanding principal amount. Assuming a settlement date of July 22,2005, the purchase price is $1,105.78 plus accrued interest of $17.85(for a total of $1,123.63) for each $1,000 principal amount of Notespurchased in the offer.

Credit Suisse First Boston LLC acted as Dealer Manager for theoffer. The Information Agent was Global Bondholder ServicesCorporation, and the Depositary was The Bank of New York.

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