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Transocean Inc. Announces Management Appointments

October 18, 2006

HOUSTON--(BUSINESS WIRE)--Oct. 18, 2006--Transocean Inc. (NYSE:RIG) today announced several appointments within the company's senior management team with each appointment effective immediately.

Jean P. Cahuzac has been named President of Transocean Inc. Mr. Cahuzac, who previously served as Executive Vice President and Chief Operating Officer of the company, will report to Robert L. Long, who will continue to serve as Chief Executive Officer of Transocean Inc. and as a Director of the company. Mr. Cahuzac joined a predecessor company of Transocean in 1979 and has held various international technical and senior management positions in the oil and gas industry over the past 27 years. He holds a degree from Ecole des Mines Saint Etienne and the French Petroleum Institute.

Steven L. Newman has been named Executive Vice President and Chief Operating Officer of Transocean Inc. Mr. Newman previously served as Senior Vice President of Human Resources and Information Process Solutions. He joined the company in 1994 in the Corporate Planning Department and has served as Vice President of Performance and Technology and in several regional and division operations roles. Mr. Newman holds a Bachelor of Science degree in Petroleum Engineering from the Colorado School of Mines and earned an MBA from the Harvard University Graduate School of Business.

David J. Mullen has been named Senior Vice President of Marketing and Planning for Transocean Inc. Mr. Mullen previously served as Vice President of the company's North and South America Unit. Mr. Mullen has 25 years of experience in the oil and gas field including 22 years with Schlumberger Ltd. He originally joined Transocean in 2001 as Vice President of Human Resources before rejoining Schlumberger in 2002 as President of Schlumberger Oilfield Services for North and South America. He holds a degree in Geology from Trinity College in Dublin, Ireland, and a master's degree in Geophysics from the College of Galway, Ireland.

Finally, Robert (Rob) J. Saltiel has been named Senior Vice President of the company's North and South America Unit. Mr. Saltiel, who joined the company in 2003, previously held the position of Senior Vice President of Marketing and Planning. Prior to joining Transocean, he served as Vice President of Corporate Marketing for Nabors Industries and began his career as a process engineer for ExxonMobil. He later joined McKinsey & Company as a consultant to energy clients in the upstream, downstream and oil services segments. Mr. Saltiel holds a Bachelor's degree in Chemical Engineering from Princeton University and an MBA from the Kellogg School of Management at Northwestern University.

Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 82 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), 20 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 $20 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.