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Transocean Inc. Provides Update on Its Gulf of Mexico Fleet

August 31, 2005

HOUSTON--(BUSINESS WIRE)--Aug. 31, 2005--Transocean Inc.(NYSE:RIG) today announced that it has begun the process of deployingpersonnel to its U.S. Gulf of Mexico-based fleet and damage assessmentefforts are underway following Hurricane Katrina. The company notedthat it is experiencing some disruption with crew changes stemmingfrom the dislocation caused by the storm.

A preliminary inspection of the company's semisubmersible rigDeepwater Nautilus has revealed significant damage to the rig'smooring system and the loss of approximately 3,200 feet of marineriser and a portion of the unit's subsea well control system whichremained suspended at the time the unit was evacuated. The rig, whichwas previously reported to have drifted off location, has been securedby an offshore service vessel approximately 80 miles from its mooredposition prior to the storm. Because further inspection is necessaryto determine the full extent of damage, the company is presentlyunable to assess the length of time required to complete repairs andreturn the Deepwater Nautilus to service.

Preliminary inspections of three other moored semisubmersibles,the Transocean Marianas, Transocean Amirante and Falcon 100, have atpresent revealed no damage, although the inspection process is stillunderway. Inspection of the semisubmersible rig C. (Kirk) Rhein, Jr.,which is stacked in a Mobile, Alabama shipyard, has revealed noevidence of damage.

The company's six dynamically positioned Fifth-GenerationDeepwater Floaters, which moved away from the storm's projected path,did not sustain damage and are in the process of returning topre-storm locations to recommence operations.

Robert L. Long, President and Chief Executive Officer ofTransocean Inc., stated \"We are thankful to have received no reportsat this hour of injuries or loss of life among our people, both onduty and off duty in the Gulf Coast. However, some of our employeeswho reside in and around the areas hardest hit by the storm have losttheir homes and other property. Our thoughts and prayers for safetyand comfort are directed to these individuals, their families andfriends.\"

Statements regarding damage assessments, recommencement ofoperations, as well as any other statements that are not historicalfacts in this release, are forward-looking statements that involvecertain risks, uncertainties and assumptions. These include but arenot limited to operating hazards and delays, risks associated withoperations, actions by customers and other third parties, the futureprice of oil and gas and other factors detailed in the company's mostrecent Form 10-K and other filings with the Securities and ExchangeCommission. Should one or more of these risks or uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actualresults 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 $18 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.