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Transocean Inc. Awarded Contracts for Three Semisubmersible Rigs

May 17, 2006

HOUSTON--(BUSINESS WIRE)--May 17, 2006--Transocean Inc. (NYSE:RIG)today announced contract awards for three of the company'ssemisubmersible rigs, the Sovereign Explorer, Transocean Amirante andSedco 712, totaling an estimated $552 million in possible revenuesover the primary terms of the contracts.

The Sovereign Explorer has been awarded a two-year contract fromRepsol Exploracion S.A. (Repsol) for drilling operations primarilyoffshore Brazil. The contract is expected to commence in January 2008,following the conclusion of current contract commitments and scheduledrig out-of-service time. Revenues of approximately $278 million arepossible over the two-year contract period.

In addition, a U.S. affiliate of Repsol has awarded the TransoceanAmirante a two-well, estimated 80-day contract for drilling operationsin the U.S. Gulf of Mexico. The contract is expected to commence inJanuary 2007, in direct continuation of current contract commitments,with revenues of approximately $26 million possible over the 80-daycontract period.

Finally, a subsidiary of Oilexco Incorporated has awarded theSedco 712 a two-year contract extension for drilling operations in theU.K. North Sea. The contract extension is expected to commence inMarch 2008 with revenues of approximately $248 million possible overthe two-year contract period.

Estimated contract revenues exclude revenues for mobilization,demobilization, contract preparation and client reimbursables.

Statements regarding contract durations, contract commencementdates, revenues, 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, 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 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 33High-Specification Floaters (semisubmersibles and drillships), 21Other 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.