Transocean Begins Tender Offer for Its 6.625% Notes Due 2011

Transocean Inc. (NYSE: RIG) has commenced a tender offer today for any and all of its outstanding 6.625% Notes due April 15, 2011.

Under the terms of the offer, Transocean will purchase these outstanding Notes at a purchase price determined by reference to a fixed spread of 40 basis points or 0.40% over the yield to maturity based on the bid side price of the U.S. Treasury 5% Bond due February 15, 2011 as measured at 2:00 P.M., New York City time, on July 21, 2005, plus accrued and unpaid interest up to the date of payment of such purchased Notes. The offer will expire at 5:00 P.M., New York City time, on July 21, 2005, unless the offer is extended or earlier terminated. Payment for tendered Notes will be paid for in same-day funds promptly following the expiration of the offer. It is expected that payment will be made on July 22, 2005. Transocean intends to use existing cash balances on hand to pay for all such Notes purchased pursuant to the offer.

Credit Suisse First Boston LLC will act as Dealer Manager for the offer. The Information Agent is Global Bondholder Services Corporation, and the Depositary is The Bank of New York. Persons with questions regarding the offer should contact the Dealer Manager toll-free at 800-820-1653 or collect at 212-538-0652 or the Information Agent at 212-430-3774 or 866-477-3700.

This news release is neither an offer to purchase nor a solicitation of an offer to sell the Notes. The offer is made only by the Offer to Purchase dated July 14, 2005.


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