Transocean Inc. Announces Contract for Ultra-Deepwater Drillship Discoverer Spirit

Transocean Inc. (NYSE:RIG) today announced that the ultra-deepwater drillship Discoverer Spirit has been awarded a three-year contract by Anadarko Petroleum Corporation (NYSE: APC) for drilling operations in the U.S. Gulf of Mexico.

The three-year contract is expected to commence in December 2010, following the completion of the rigs existing contract commitments in the U.S. Gulf of Mexico.

The estimated contract revenues which could be generated over the three-year contract period are $569.4 million. Estimated contract revenues represent the maximum amount of revenues that may be earned in the firm contract period, excluding revenues for mobilization, demobilization and cost escalation from November 1, 2007.

The Discoverer Spirit is one of 34 High-Specification Floaters in the Transocean fleet, 13 of which are Ultra-Deepwater Floaters. The rig, which entered service in 2000, is capable of operating in water depths of up to 10,000 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 companys fleet consists of 34 High-Specification Floaters (semisubmersibles and drillships), 19 Other Floaters, 25 Jackups and other assets utilized in the support of offshore drilling activities worldwide. The company also has six High-Specification Drillships under construction. With a current equity market capitalization in excess of $34 billion, Transocean Inc.s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

Contacts:

Transocean Inc., Houston
Analyst Contact:
Gregory S. Panagos, 713 232 7551
or
Media Contact:
Guy A. Cantwell, 713 232 7647
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