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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-yeardrilling contract to the company's semisubmersible rig TransoceanSearcher for operations offshore Norway. The three-year contract forStatoil on behalf of participants in the Gjoa Group is expected tocommence in October 2008 in direct continuation of the rig's presentcontract with Statoil. Revenues which could be generated over thethree-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'ssemisubmersible rig Sedco 714 for operations in the U.K. North Sea.The one-year contract is expected to commence in November 2007following the rig's present contract commitments with Total. Revenueswhich could be generated over the one-year extension to the contractare approximately $128 million.

The Transocean Searcher and Sedco 714 are two of 20 OtherFloaters, or mid-water rigs, in the Transocean Inc. fleet. TheTransocean Searcher is capable of operating in water depths of up to1,500 feet. The rig entered service in 1983 and was upgraded to itscurrent specifications in 1988. The Sedco 714 is capable of operatingin water depths of up to 1,600 feet. The rig entered service in 1983and was upgraded to its current specifications in 1997.

Statements regarding contract durations, contract commencementdates and 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, the future price of oil and gas, the actualrevenues earned and other factors detailed in the company's mostrecent Form 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 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.