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

September 27, 2005

HOUSTON--(BUSINESS WIRE)--Sept. 27, 2005--Transocean Inc. (NYSE:RIG) today reported that its moored semisubmersible rig Transocean Marianas was forced off its drilling location during Hurricane Rita and is grounded in shallow water at Eugene Island block 133 approximately 140 miles northwest of its pre-storm location. An initial assessment of the rig indicates significant damage to the unit's mooring system, but a more complete rig inspection is ongoing. The well was secured and all personnel were safely evacuated before the arrival of the storm.

Also, the company reported that the moored semisubmersible rig Deepwater Nautilus, which sustained damage to its mooring system during Hurricane Katrina and was undergoing repairs, was set adrift following the failure of a tow line utilized by a vessel engaged in towing the rig to a location away from the projected path of the storm. A partial crew on board the Deepwater Nautilus utilized the rig's thruster-assist capabilities to navigate the unit to a location approximately 40 miles south of Grand Isle, Louisiana, where the rig remains grounded. All crew members were safely evacuated.

The company will provide more information on the condition of both units, including an estimate of rig downtime, once damage assessment efforts have concluded.

The company's two other active moored semisubmersible rigs in the Gulf of Mexico, the Falcon 100 and Transocean Amirante, were safely evacuated and remain on location in the aftermath of the storm. Initial assessments of these two rigs have not revealed any damage. The company's six dynamically positioned rigs successfully moved out of the projected path of the storm prior to its arrival and are in the process of recommencing operations.

Statements regarding damage assessments, recommencement of operations, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with operations, actions by customers and other third parties, the future price of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 92 mobile offshore drilling units. The company's mobile offshore drilling fleet, consisting of a large number of high-specification deepwater and harsh environment drilling units, is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 24 Other Floaters, 25 Jackup Rigs and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $20 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

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

    SOURCE: Transocean Inc.