TODCO Announces Third Quarter 2004 Results

TODCO (NYSE THE) reported a net loss from continuing operations for the three months ended September 30, 2004, of $2.5 million ($0.04 per diluted share) on revenues of $93.1 million compared with a net loss from continuing operations of $35.0 million ($2.88 per diluted share) on revenues of $58.5 million for the same quarter of 2003. For the three months ended September 30, 2004, earnings before interest, taxes, depreciation and amortization ("EBITDA") was $22.2 million compared to negative EBITDA of $2.6 million for the same quarter of 2003.

The improvement in the third quarter 2004 results was principally caused by improved dayrates which will be discussed during TODCO's publicly accessible third quarter earnings conference call. The conference call will be at 8:00 a.m. (CDT) Tuesday, October 26, 2004 and can be heard live on the Company's web site at www.theoffshoredrillingcompany.com or by dialing (800) 967-7141, reference code 921263. A replay of the conference call will be available for approximately 30 days after the call on the Company's web site or by dialing (719) 457-0820, reference code 921263.

TODCO is a controlled subsidiary of Transocean Inc. Transocean will also hold a publicly accessible conference call to discuss its third quarter 2004 financial results at 9:00 a.m. CDT on Tuesday, October 26, 2004. The conference call can be heard live on Transocean's web site at www.deepwater.com or by dialing (303) 262-2075.
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