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Transocean Inc. Announces Contract Award for Transocean Searcher and Contract Extension for Sedco 714

December 21, 2006

HOUSTON--(BUSINESS WIRE)--Dec. 21, 2006--Transocean Inc. (NYSE:RIG) today announced that Statoil has awarded a three-year drilling contract to the company's semisubmersible rig Transocean Searcher for operations offshore Norway. The three-year contract for Statoil on behalf of participants in the Gjoa Group is expected to commence in October 2008 in direct continuation of the rig's present contract with Statoil. Revenues which could be generated over the three-year contract are approximately $427 million.

In addition, the company announced that Total E&P UK PLC (Total) has awarded a one-year drilling contract extension to the company's semisubmersible rig Sedco 714 for operations in the U.K. North Sea. The one-year contract is expected to commence in November 2007 following the rig's present contract commitments with Total. Revenues which could be generated over the one-year extension to the contract are approximately $128 million.

The Transocean Searcher and Sedco 714 are two of 20 Other Floaters, or mid-water rigs, in the Transocean Inc. fleet. The Transocean Searcher is capable of operating in water depths of up to 1,500 feet. The rig entered service in 1983 and was upgraded to its current specifications in 1988. The Sedco 714 is capable of operating in water depths of up to 1,600 feet. The rig entered service in 1983 and was upgraded to its current specifications in 1997.

Statements regarding contract durations, contract commencement dates and 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, the future price of oil and gas, the actual revenues earned 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 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 $23 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.