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Transocean Inc. Provides Update on Fleet Contract Status

October 31, 2005

HOUSTON--(BUSINESS WIRE)--Oct. 31, 2005--Transocean Inc.(NYSE:RIG) today announced that its report of drilling rig status andcontract information covering the company's offshore drilling fleethas been updated as of October 31, 2005.

Drilling rig status and contract information on Transocean Inc.'soffshore drilling fleet has been condensed into a report titled\"Transocean Fleet Update,\" which is available through the company'sWorldwide Web address at www.deepwater.com. The report can be accessedfrom the home page of the Web address by clicking on the Fleet UpdateReport link found in the tool bar.

Statements regarding estimated contract duration, contractdayrates and future contract commencement dates and locations, as wellas any other statements that are not historical facts in the report,are forward-looking statements that involve certain risks,uncertainties and assumptions. These include but are not limited tooperating hazards and delays, risks associated with internationaloperations, actions by customers and other third parties, the futureprices 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 $19 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.