NYSE: RIG 5.42 0.26 4.58% 4:01 P.M. ET
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Transocean Inc. Shareholders Approve All Proposals at Annual General Meeting

May 11, 2006

HOUSTON--(BUSINESS WIRE)--May 11, 2006--At the company's Annual General Meeting held today, shareholders of Transocean Inc. (NYSE:RIG) reelected Victor E. Grijalva, Arthur Lindenauer and Kristian Siem as Class I directors to serve three-year terms. Mr. Grijalva is a retired Vice Chairman of Schlumberger Limited, Mr. Lindenauer is a retired Executive Vice President of Finance and Chief Financial Officer of Schlumberger Limited and Mr. Siem is Chairman and Chief Executive Officer of Siem Industries, Inc.

Also, shareholders approved the appointment of Ernst & Young LLP as the company's independent registered public accounting firm for 2006.

Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 88 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 33 High-Specification Floaters (semisubmersibles and drillships), 21 Other Floaters, 25 Jackups and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $28 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.