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Transocean Inc. Awarded Multi-Year Contract Extension for Fifth-Generation Deepwater Drillship Deepwater Frontier

March 2, 2006

HOUSTON--(BUSINESS WIRE)--March 2, 2006--Transocean Inc.(NYSE:RIG) today announced that Reliance Industries (Reliance) hasawarded the company's Fifth-Generation Deepwater drillship, DeepwaterFrontier, a three-year contract extension for drilling operationsoffshore India. The contract is expected to commence around December2008 following the completion of current operations offshore Brazil,scheduled out-of-service time and an existing two-year contractcommitment with Reliance. Revenues possible over the three-yearextension could total $522 million, excluding revenues formobilization, demobilization and client reimbursables.

The Deepwater Frontier is scheduled to continue operating offshoreBrazil until approximately June 2006, when the unit will require anestimated 90 days of out-of-service time for maintenance andmobilization to India. The rig is expected to commence a previouslyannounced two-year contract commitment with Reliance in approximatelySeptember 2006. Prior to commencement of the three-year extension, therig is expected to require an estimated 30 days of out-of-service timefor maintenance.

The dynamically positioned Deepwater Frontier is one of 32High-Specification rigs in the Transocean Inc. fleet, 13 of which areFifth-Generation Deepwater Floaters. The rig, which is capable ofoperating in water depths of up to 10,000 feet, entered active servicein 1999 following its construction in Koje Island, South Korea.

Statements regarding contract durations, contract commencementdates, revenues, area of operations, timing and duration ofmaintenance and mobilization, as well as any other statements that arenot historical facts, are forward-looking statements that involvecertain risks, uncertainties and assumptions. These include but arenot limited to operating hazards and delays, actions by customers andother third parties, factors affecting the duration of contractsincluding well-in-progress provisions, the actual amount of downtime,factors resulting in reduced applicable dayrates, the future price ofoil and gas and other factors detailed in the company's most recentForm 10-K and other filings with the Securities and ExchangeCommission (SEC), which are available free of charge on the SEC'swebsite 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 90 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), 23Other Floaters, 25 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. With a current equity marketcapitalization in excess of $25 billion, Transocean Inc.'s ordinaryshares are traded on the New York Stock Exchange under the 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.