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Transocean Inc. Provides Update on Gulf of Mexico Fleet Status Following Hurricane Katrina

August 29, 2005

HOUSTON, Aug 29, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that themoored semisubmersible Deepwater Nautilus has drifted off location inthe aftermath of Hurricane Katrina. The rig's present location isbeing monitored remotely by a transponder beacon onboard the unit. Allpersonnel had previously been safely evacuated and the well wassecured before the approach of the storm. The U.S. Coast Guard hasbeen notified of the situation.

Three other Transocean moored vessels were safely evacuated andhave remained on location in the aftermath of the storm. The company'ssix dynamically positioned vessels all successfully moved out of themain track of the storm prior to its arrival.

Plans are in place to re-man the moored vessels and assess theircondition. The company will provide an update when more informationbecomes available.

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