Transocean Reports Changes to Its Board of Directors

Transocean Inc. announced that J. Michael Talbert will end his active employment status with the company, effective October 14, 2004, but will continue to serve as Chairman of the Board of Transocean Inc. Mr. Talbert had served as Chairman of the Board in an executive capacity since October 2002. He is a past President and Chief Executive Officer of the company and has served on the company's Board of Directors since 1994.

In addition, the company announced that Paul B. Loyd, Jr. has submitted his resignation from the company's Board of Directors, citing personal reasons. Mr. Loyd's resignation is effective October 14, 2004. Mr. Loyd joined the Transocean Inc. Board of Directors in 2001, following the company's acquisition of R&B Falcon Corporation, where he served as Chairman and Chief Executive Officer.