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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 rigTransocean Marianas was forced off its drilling location duringHurricane Rita and is grounded in shallow water at Eugene Island block133 approximately 140 miles northwest of its pre-storm location. Aninitial assessment of the rig indicates significant damage to theunit's mooring system, but a more complete rig inspection is ongoing.The well was secured and all personnel were safely evacuated beforethe arrival of the storm.

Also, the company reported that the moored semisubmersible rigDeepwater Nautilus, which sustained damage to its mooring systemduring Hurricane Katrina and was undergoing repairs, was set adriftfollowing the failure of a tow line utilized by a vessel engaged intowing the rig to a location away from the projected path of thestorm. A partial crew on board the Deepwater Nautilus utilized therig's thruster-assist capabilities to navigate the unit to a locationapproximately 40 miles south of Grand Isle, Louisiana, where the rigremains grounded. All crew members were safely evacuated.

The company will provide more information on the condition of bothunits, including an estimate of rig downtime, once damage assessmentefforts have concluded.

The company's two other active moored semisubmersible rigs in theGulf of Mexico, the Falcon 100 and Transocean Amirante, were safelyevacuated 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 outof the projected path of the storm prior to its arrival and are in theprocess of recommencing operations.

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 $20 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.