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Transocean Inc. Awarded Contracts for High-Specification Drillships Discoverer Spirit and Deepwater Millennium

November 2, 2005

HOUSTON--(BUSINESS WIRE)--Nov. 2, 2005--Transocean Inc. (NYSE:RIG) today announced that Anadarko Petroleum Corporation (NYSE:APC) has awarded three-year contracts valued at an estimated $985 million in combined revenues for the company's High-Specification drillships Discoverer Spirit and Deepwater Millennium.

The Discoverer Spirit and Deepwater Millennium contracts are expected to commence in June 2007, immediately following the conclusion of current contract commitments with Shell and Anadarko, respectively, in the U.S. Gulf of Mexico. Revenues of approximately $520 million could be generated over the three-year contract for the Discoverer Spirit, while revenues from the Deepwater Millennium three-year contract could total approximately $465 million.

The Fifth-Generation, dynamically positioned drillships Discoverer Spirit and Deepwater Millennium are two of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. Both units are capable of operating in water depths of up to 10,000 feet. The Discoverer Spirit entered service in 2000 following its construction in El Ferrol, Spain and Corpus Christi, Texas, while the Deepwater Millennium commenced operations in 1999 following the rig's construction in Ulsan, Korea.

Statements regarding contract duration, contract commencement date, revenues, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, actions by customers and other third parties, the future price of oil and gas, the actual revenues earned and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. 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 $19 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.