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Transocean Inc. to Reactivate Semisubmersible Rig Transocean Winner Following Commitment from Hydro

December 14, 2005

HOUSTON, Dec 14, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that Hydro(NYSE:NHY) has awarded a three-year contract for the semisubmersiblerig Transocean Winner for drilling operations on the NorwegianContinental Shelf. The rig is expected to commence operations underthe contract by October 2006 following the completion of areactivation program, which has begun. The planned reactivationprogram does not involve an upgrade of the rig's current capabilities.Revenues of approximately $383 million could be generated over thethree-year contract period, excluding revenues for mobilization,demobilization and client reimbursables.

The Transocean Winner has been located in Norway since it beganactive service in 1983, although it has been idle since August 2002.The rig is capable of operating in water depths of up to 1,500 feet.The reactivation of the Transocean Winner reduces the company's idlefloater capacity to three semisubmersible rigs and one drillship.

Statements regarding contract duration, contract commencementdate, revenues, reactivation of the rig, as well as any otherstatements that are not historical facts, are forward-lookingstatements 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 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.

Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 91 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 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. With a current equity marketcapitalization in excess of $22 billion, Transocean Inc.'s ordinaryshares are traded on the New York Stock Exchange under the symbol\"RIG.\"

SOURCE: Transocean Inc.

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