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Transocean Inc. Announces Contract for Semisubmersible Rig Transocean Richardson

January 9, 2007
HOUSTON, Jan 09, 2007 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that a subsidiary of Chevron Corporation (NYSE:CVX) has awarded the company's semisubmersible rig, the Transocean Richardson, a three-year contract for exploration and appraisal drilling offshore in global Chevron operating areas which may include Southern Africa. The three-year contract is expected to commence in July 2007, following the completion of an existing contract commitment offshore Angola. Revenues of approximately $493 million are possible over the three-year contract, excluding a performance bonus opportunity of up to 10% of the contractual operating dayrate.

The Transocean Richardson is one of 33 High-Specification Floaters in the Transocean Inc. fleet, 13 of which are Fifth-Generation floaters. The rig, which entered service in 1988, is capable of operating in water depths of up to 5,000 feet.

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 $21 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

SOURCE: Transocean Inc.

Transocean Inc., Houston
Analyst Contact: Jeffrey L. Chastain, 713-232-7551
Media Contact: Guy A. Cantwell, 713-232-7647