Transocean Deepwater Drillship Gets 3-Year Contract

Transocean Inc. has announced that the deepwater drillship Discoverer Seven Seas has been awarded a three-year contract from Oil and Natural Gas Corporation Ltd. (ONGC) of India. The integrated services contract is expected to commence in the first quarter of 2004, following the mobilization of the rig from a Brazilian shipyard to India. Exclusive of a mobilization fee, the contract includes revenue for the Discoverer Seven Seas of approximately $137 million over three years, plus revenues for comprehensive services that include well-planning, operations support and logistics-management. The Discover Seven Seas is a dynamically positioned drillship capable of drilling in water depths up to 7,000 feet. Statements regarding expected contract duration, contract commencement date and contract revenues, as well as any other statements that are not historical facts in this release are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with international operations, actions by customers and other third parties, the future price of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.