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Transocean Inc. Announces Repurchase Option of 1.5% Convertible Debentures Due May 15, 2021

April 17, 2006

HOUSTON--(BUSINESS WIRE)--April 17, 2006--Transocean Inc.(NYSE:RIG) today announced that holders of its 1.5% ConvertibleDebentures due May 15, 2021 have the option to require Transocean torepurchase their debentures as of May 15, 2006. Each holder of thedebentures has the right to require Transocean to repurchase on May15, 2006 all or any part of such holder's debentures at a repurchaseprice of $1,000 in cash plus accrued and unpaid interest, up to andincluding the date of repurchase, per $1,000 principal amount. Underthe terms of the debentures, Transocean has the option to settle thedebentures with cash, Transocean ordinary shares, or a combination ofcash and shares, and has elected to repurchase the debentures solelywith cash. If all outstanding debentures are surrendered forrepurchase, the aggregate cash repurchase price will be approximately$400.0 million. Transocean intends to fund the repurchase price byusing available cash.

Holders may exercise their option to require Transocean torepurchase their debentures by delivering a repurchase notice to TheBank of New York, the paying agent, before the expiration of theoption at 5:00 p.m., New York City time, on May 15, 2006.

The debentures are convertible into 13.8627 Transocean ordinaryshares per $1,000 principal amount so long as specified conditions aremet and subject to adjustments under certain circumstances.

Transocean plans to file a Tender Offer Statement on Schedule TOwith the Securities and Exchange Commission later today. Transoceanwill make available to debenture holders, through the Depository TrustCompany, documents specifying the terms, conditions and procedures forsurrendering and withdrawing debentures for repurchase. Debentureholders are encouraged to read these documents carefully beforedeciding to exercise their option to require Transocean to repurchasetheir debentures as these documents contain important informationregarding the details of Transocean's obligation to repurchase thedebentures. Holders of the debentures and other interested parties mayobtain a free copy of these statements and other relevant documents atthe SEC's website, www.sec.gov, or from Transocean Inc. at 4 GreenwayPlaza, Houston, Texas 77046, Attn: Investor Relations.

Statements contained in this press release involving the source offunds to pay the repurchase price, the timing of the filing of theTender Offer Statement, as well as any other statements that are nothistorical facts, are forward-looking statements that involve certainrisks, uncertainties and assumptions. These include but are notlimited to operating hazards and delays, risks associated withinternational operations, actions by customers and other thirdparties, the future price of oil and gas and other factors detailed inthe company's most recent Form 10-K and other filings with theSecurities and Exchange Commission. Should one or more of these risksor uncertainties 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 88 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), 22Other Floaters, 25 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. With a current equity marketcapitalization in excess of $26 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.