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Transocean Inc. Board Approves $2 Billion Share Repurchase Program

October 17, 2005

HOUSTON--(BUSINESS WIRE)--Oct. 17, 2005--Transocean Inc.(NYSE:RIG) today announced that its Board of Directors has authorizedthe company to repurchase up to $2 billion of its ordinary shares. Theordinary shares may be repurchased from time to time in open market orprivate transactions. Decisions to repurchase will be based upon thecompany's ongoing capital requirements, the price of the company'sshares, regulatory considerations, cash flow generation, generalmarket conditions and other factors. The company plans to fund theprogram from current and future cash balances and does not intend touse debt to fund share repurchases. The repurchase program does nothave an established expiration date and may be suspended ordiscontinued at any time. Transocean Inc. currently has approximately330 million ordinary shares outstanding.

Statements regarding the conduct of the share repurchase programincluding timing, duration, form of transaction, the factors to beconsidered, source of funding, termination of the program, as well asany other statements that are not historical facts, areforward-looking statements that involve certain risks, uncertaintiesand assumptions. These include but are not limited to the factorsstated in the preceding paragraph, operating hazards and delays,actions by customers and other third parties, the future price of oiland gas, the actual revenues earned and other factors detailed in thecompany's most recent Form 10-K and other filings with the Securitiesand Exchange Commission (SEC), which are available free of charge onthe SEC's website at www.sec.gov. Should one or more of these risks oruncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.There can be no assurance as to the number of shares, if any, thatwill be repurchased under the program.

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.