Transocean Inc.

Semisubmersible Rig Sedco 703 Awarded Contract from Woodside

HOUSTON--(BUSINESS WIRE)--Dec. 12, 2006--Transocean Inc. (NYSE:RIG) today
announced that a subsidiary of Woodside of Australia (ASE:WPL) has awarded the
semisubmersible rig Sedco 703 a one-year contract for drilling operations offshore
Australia, where the rig is currently operating. The contract is expected to commence in
August 2007, following the completion of current contract commitments. Revenues that
could be generated over the one-year contract are approximately $159 million.
The Sedco 703 is one of 20 Other Floaters, or mid-water rigs, in the Transocean Inc. fleet,
and is capable of operating in water depths of up to 2,000 feet. The rig entered service in
1973 and was upgraded to its current specifications in 1995.
Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 82 mobile
offshore drilling units. The company's mobile offshore drilling fleet, consisting of a large
number of high-specification deepwater and harsh environment drilling units, is
considered one of the most modern and versatile in the world due to its emphasis on
technically demanding segments of the offshore drilling business. The company's fleet
consists of 33 High-Specification Floaters (semisubmersibles and drillships), 20 Other
Floaters, 25 Jackups and other assets utilized in the support of offshore drilling activities
worldwide. With a current equity market capitalization in excess of $23 billion,
Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the
symbol "RIG."
CONTACT: Transocean Inc., Houston
Analyst Contact: Jeffrey L. Chastain, 713-232-7551
or
Media Contact: Guy A. Cantwell, 713-232-7647
SOURCE: Transocean Inc.

Company Overview
At Transocean Inc. -- the world's largest offshore drilling company -- we are never out of
our depth from the deepest waters to shallowest swamps. We are the:

Largest offshore driller with 82 mobile offshore drilling units.

Largest "floating" rig driller with 53 semisubmersibles and drillships.
Largest deepwater driller with 28 rigs than can drill in more than 4,500 feet of
water.

Most experienced high-specification driller, launching the most advanced offshore

drilling rigs and services for more than 50 years.
Largest offshore driller by equity market capitalization.

We use our depth of size and experience to create success. Wherever we operate,
employees focus on our mission of being the premier offshore drilling company for our
customers. Whether our customers are global energy firms, national petroleum companies
or independent operators, we seek to provide them the best service through our core
values of FIRST: Financial discipline, Integrity, Respect, Safety and Technological
leadership.
Transocean excels at constructing oil and natural gas wells in the deep waters and harsh
environments. We provide rigs for all types of petroleum companies in offshore drilling
markets that include the U.S. Gulf of Mexico and eastern Canada, Brazil, the U.K. and
Norwegian sectors of the North Sea, West Africa, Asia, including Australia, the Middle
East, India and the Mediterranean.
A Cayman Islands corporation, the company has approximately 11,600 employees
worldwide. Principal U.S. executive offices of Transocean are at 4 Greenway Plaza,
Houston, Texas 77046, where the telephone number is 713-232-7500.