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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's semisubmersible rigs, the Sovereign Explorer, Transocean Amirante and Sedco 712, totaling an estimated $552 million in possible revenues over the primary terms of the contracts.

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

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

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

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

Statements regarding contract durations, contract commencement dates, revenues, as well as any other statements that are not historical facts, are forward-looking statements 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, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, the future price of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

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 $26 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.