Transocean Inc. Exclusive Marketing Right and Purchase Option for Two Drillships

Transocean Inc. (NYSE:RIG) today announced that its affiliate, Transocean Offshore International Ventures Limited (“Transocean”), has entered into an agreement with Pacific Drilling Limited (“Pacific Drilling”), providing Transocean with the exclusive marketing right for two currently unnamed deepwater drillships under construction, as well as an option to purchase a 50% interest in a joint venture company through which Transocean and Pacific Drilling would own the drillships. The two Samsung 10000 design drillships are currently under construction in Korea with expected delivery dates in 2009.