Transocean Inc. Announces Closing of TODCO Public Offering

Transocean Inc. (NYSE:RIG) today announced the closing of its public offering of 13,800,000 shares of Class A common stock of TODCO (NYSE:THE), the company's Gulf of Mexico Shallow and Inland Water subsidiary. The offering price was $12.00 per share. The closing included 1,800,000 shares relating to the underwriters' over-allotment option, which was exercised in full. Transocean received approximately $150.2 million of proceeds from the offering, net of underwriting fees and estimated expenses. Transocean intends to use the proceeds for the reduction of corporate debt and general corporate purposes.

The representatives of the underwriters of the offering are Morgan Stanley & Co. Incorporated, which is acting as sole bookrunner, Banc of America Securities LLC, Citigroup Global Markets Inc., Credit Suisse First Boston LLC, UBS Securities LLC and Simmons & Company, International, each of which are acting as co-managers.

A copy of a written prospectus related to this offering may be obtained from Morgan Stanley & Co. Incorporated, Prospectus Department, 1585 Broadway, New York, NY 10036 (Tel. 212-761-6775).

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.