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Transocean Inc. Semisubmersible Rig Sedco 703 Awarded Contract from Woodside

December 12, 2006

HOUSTON--(BUSINESS WIRE)--Dec. 12, 2006--Transocean Inc.(NYSE:RIG) today announced that a subsidiary of Woodside of Australia(ASE:WPL) has awarded the semisubmersible rig Sedco 703 a one-yearcontract for drilling operations offshore Australia, where the rig iscurrently operating. The contract is expected to commence in August2007, following the completion of current contract commitments.Revenues that could be generated over the one-year contract areapproximately $159 million.

The Sedco 703 is one of 20 Other Floaters, or mid-water rigs, inthe Transocean Inc. fleet, and is capable of operating in water depthsof up to 2,000 feet. The rig entered service in 1973 and was upgradedto its current specifications in 1995.

Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 82 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), 20Other Floaters, 25 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. With a current equity marketcapitalization in excess of $23 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.