Hellerstein and McMahon Join Transocean Board

Transocean Inc. said Monday that it has added two new members to its Board of Directors, effective December 7, 2006. Mark A. Hellerstein was appointed as a Class III Director, and Michael E. McMahon was appointed as a Class II Director.

Hellerstein is Chairman and Chief Executive Officer of St. Mary Land & Exploration Company, where he is scheduled to become non-executive Chairman on February 26, 2007. He previously served as President and Chief Financial Officer of St. Mary Land & Exploration Company.

McMahon, co-founder of Pine Brook Road Partners LLC, a New York-based private equity firm, previously served as Executive Counselor to the Governor of Rhode Island and worked as an investment banker at Lehman Brothers, Salomon Brothers and J.P. Morgan. In addition, McMahon is a former board member of Spinnaker Exploration Company, L.L.C., Triton Energy Ltd., Numar Corporation and Marine Drilling Companies.

The term of Class III Directors runs to the 2008 Annual General Meeting, and the term of Class II Directors runs to the 2009 Annual General Meeting.