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Transocean Inc. Semisubmersible Rig Sedco 703 Awarded Contract from Woodside

HOSTO!""#$SI!%SS WIR%&""'ec. ()* )00+""Transocean Inc. #!,S%-RI& toda/announced tat a subsidiar/ of Woodside of Australia #AS%-W12& as awarded tesemisubmersible rig Sedco 703 a one"/ear contract for drilling oerations offsore

Australia* were te rig is currentl/ oerating. Te contract is e4ected to commence inAugust )007* following te comletion of current contract commitments. Re5enues tatcould be generated o5er te one"/ear contract are aro4imatel/ 6(8 million.

Te Sedco 703 is one of )0 Oter 9loaters* or mid"water rigs* in te Transocean Inc. fleet*and is caable of oerating in water dets of u to )*000 feet. Te rig entered ser5ice in(873 and was ugraded to its current secifications in (88.

Transocean Inc. is te world:s largest offsore drilling contractor wit a fleet of ;) mobileoffsore drilling units. Te coman/:s mobile offsore drilling fleet* consisting of a largenumber of ig"secification deewater and ars en5ironment drilling units* is

considered one of te most modern and 5ersatile in te world due to its emasis ontecnicall/ demanding segments of te offsore drilling business. Te coman/:s fleetconsists of 33 Hig"Secification 9loaters #semisubmersibles and drillsis&* )0 Oter9loaters* ) ed in te suort of offsore drilling acti5itiesworldwide. Wit a current e?uit/ mar=et caitali>ation in e4cess of 6)3 billion*Transocean Inc.:s ordinar/ sares are traded on te !ew ,or= Stoc= %4cange under tes/mbol @RI.@

CO!TACT- Transocean Inc.* HoustonAnal/st Contact-

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ost e4erienced ig"secification driller* launcing te most ad5anced offsore

drilling rigs and ser5ices for more tan 0 /ears. 2argest offsore driller b/ e?uit/ mar=et caitali>ation.

We use our det of si>e and e4erience to create success. Were5er we oerate*

emlo/ees focus on our mission of being te remier offsore drilling coman/ for ourcustomers. Weter our customers are global energ/ firms* national etroleum comaniesor indeendent oerators* we see= to ro5ide tem te best ser5ice troug our core5alues of 9IRST- 9inancial disciline* Integrit/* Resect* Safet/ and Tecnologicalleadersi.

Transocean e4cels at constructing oil and natural gas wells in te dee waters and arsen5ironments. We ro5ide rigs for all t/es of etroleum comanies in offsore drillingmar=ets tat include te .S. ulf of e4ico and eastern Canada* $ra>il* te .. and!orwegian sectors of te !ort Sea* West Africa* Asia* including Australia* te iddle%ast* India and te editerranean.

A Ca/man Islands cororation* te coman/ as aro4imatel/ ((*+00 emlo/eesworldwide. 1rincial .S. e4ecuti5e offices of Transocean are at B reenwa/ 1la>a*Houston* Te4as 770B+* were te teleone number is 7(3")3)"700.