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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 ofChevron Corporation (NYSE:CVX) has awarded the company'ssemisubmersible rig, the Transocean Richardson, a three-year contractfor exploration and appraisal drilling offshore in global Chevronoperating areas which may include Southern Africa. The three-yearcontract is expected to commence in July 2007, following thecompletion of an existing contract commitment offshore Angola.Revenues of approximately $493 million are possible over thethree-year contract, excluding a performance bonus opportunity of upto 10% of the contractual operating dayrate.

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

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 $21 billion, Transocean Inc.'s ordinaryshares 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