Transocean Inc. Semisubmersible Rig Sedco 703 Awarded Contract from Woodside

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.