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RIG News Transocean Inc. Names Two New Members to Its Board of Directors

HOUSTON--(BUSINESS WIRE)--Transocean Inc. (NYSE:RIG) today announced that it has added two new members to its Board of Directors, effective December 7, 2006. Mark A. Hellerstein was appointed as a Class III Director, and Michael E. McMahon was appointed as a Class II Director.

Mr. Hellerstein is Chairman and Chief Executive Officer of St. Mary Land & Exploration Company, where he is scheduled to become non-executive Chairman on February 26, 2007. He previously served as President and Chief Financial Officer of St. Mary Land & Exploration Company.

Mr. McMahon, co-founder of Pine Brook Road Partners LLC, a New York-based private equity firm, previously served as Executive Counselor to the Governor of Rhode Island and worked as an investment banker at Lehman Brothers, Salomon Brothers and J.P. Morgan. In addition, Mr. McMahon is a former board member of Spinnaker Exploration Company, L.L.C., Triton Energy Ltd., Numar Corporation and Marine Drilling Companies.

The term of Class III Directors runs to the 2008 Annual General Meeting, and the term of Class II Directors runs to the 2009 Annual General Meeting.

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."