Transocean Completes Redemption of Its 6.95% Senior Notes Due 2008

Transocean Inc. (NYSE: RIG) has completed the redemption of its $247.8 million face value, 6.95% Senior Notes due April 2008. The notes were redeemed today at 108.259% of face value, or $268.2 million plus accrued interest of $7.5 million. The company will recognize a loss on redemption of debt of approximately $7.0 million in the first quarter of 2005. The redemption did not affect the 6.95% Senior Notes due April 2008 of TODCO, a publicly traded company in which Transocean owns a minority interest.

Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 93 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 sectors of the offshore drilling business. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 24 Other Floaters, 26 Jackup Rigs and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $15 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."


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