SEC Filing | Transocean Ltd.

TRANSOCEAN INC.

Date: February 20, 2008

/s/ Eric B. Brown

Eric B. Brown

Senior Vice President,

General Counsel, and

Assistant Corporate Secretary

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Form 8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported) February 20, 2008

TRANSOCEAN INC.

(Exact name of registrant as specified in its charter)

Cayman Islands

333-75899

66-0582307

(State or other jurisdiction of

incorporation or organization)

(Commission

File Number)

(I.R.S. Employer

Identification No.)

4 Greenway Plaza

Houston, Texas 77046

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (713) 232-7500

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02. Results of Operations and Financial Condition.

Our news release dated February 20, 2008, concerning financial results for the fourth quarter and fiscal year ended December 31, 2007, furnished as Exhibit 99.1 to this report, is incorporated by reference herein. The press release contains certain measures (discussed below) which may be deemed “non-GAAP financial measures” as defined in Item 10 of Regulation S-K of the Securities Exchange Act of 1934, as amended.

In the press release, we discuss field operating income for the three months ended December 31, 2007 and September 30, 2007. Management believes field operating income is a useful measure of operating results since the measure only deducts expenses directly related to operations from revenues. The most directly comparable GAAP financial measure, operating income before general and administrative expenses, and information reconciling the GAAP and non-GAAP measures are included in the press release.

The conference call referred to in the news release may include a discussion of other non-GAAP financial measures, such as (1) average diluted share count for the fourth quarter of 2007 as if the reclassification of our ordinary shares completed on November 27, 2007 (the “Reclassification”) had been accounted for as a share buyback and not as a reverse stock split transaction; (2) diluted earnings per share for the third and fourth quarters of 2007 excluding the gain from the sale of the Peregrine I, certain costs related to the merger with GlobalSantaFe Corporation completed on November 27, 2007 (the “Merger”), certain tax items resulting from changes in estimates related to prior year taxes, and losses from the retirement of debt, and accounting for the Reclassification as a share buyback and not as a reverse stock split transaction; and (3) diluted earnings per share for the third and fourth quarters of 2007 excluding the gain from the sale of the Peregrine I, certain costs related to the Merger, certain tax items resulting from changes in estimates related to prior year taxes, and losses from the retirement of debt, and accounting for the Reclassification as a share buyback and not as a reverse stock split transaction, and also excluding the effect of bringing our effective tax rate to the annual rate and excluding net gains from the disposal of assets. Management believes that providing this information will help investors compare results between the third and fourth quarters of 2007 that would otherwise be difficult to understand as a result of the completion of the Reclassification and the Merger in the fourth quarter of 2007. The most directly comparable GAAP financial measures, weighted average diluted share count (with respect to clause (1) above) and diluted earnings per share (with respect to clauses (2) and (3) above), and information reconciling the GAAP and non-GAAP measures, are included in the news release or posted on our website at www.deepwater.com.

Item 7.01. Regulation FD Disclosure.

Slide Presentation

On February 20, 2008, we are posting the slide presentation furnished as Exhibit 99.2 to this report on our website at www.deepwater.com. Exhibit 99.2 is incorporated in this Item 7.01 by reference.

Statements contained within the slide presentation that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include, but

are not limited to projections relating to contract backlog, out of service forecasts, and other statements that are not historical facts. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development, exploration success by producers, oil and gas prices, rig demand and capacity, drilling industry market conditions, possible delays or cancellation of drilling contracts, work stoppages, operational or other downtime, the Company’s ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations, future financial results, operating hazards, political and other uncertainties inherent in non-U.S. operations (including exchange and currency fluctuations), war, terrorism, natural disaster and cancellation or unavailability of insurance coverage, the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors discussed in the Company’s Form 10-K for the year ended December 31, 2006 and in the Company’s other filings with the Securities and Exchange Commission (“SEC”), which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward-looking statements, except as required by law.

Fleet Update

We issue a report entitled “Transocean Fleet Update”, which includes drilling rig status and contract information, including contract dayrate and duration. An interim report dated February 19, 2008 is furnished as Exhibit 99.3 to this Current Report on Form 8-K and is incorporated herein by reference. You may also subscribe to the free Transocean Financial Report Alert which will alert you to new Transocean Fleet Updates. This service will send you an automated email which will provide a link directly to the web page containing the updated report. You may subscribe to this service at the “Investor Relations/Email Alerts” section of the site by selecting “Receive E-mail” and providing your email address. Our website may be found at www.deepwater.com.

Item 9.01. Financial Statements and Exhibits

(d) Exhibits.

The exhibits to this report furnished pursuant to items 2.02 and 7.01 are as follows:


Exhibit No.		Description

99.1		Transocean Inc. Release Reporting Fourth Quarter and Fiscal Year Ended December 31, 2007 Financial Results

99.2		Slide Presentation

99.3		Transocean Inc. Fleet Update

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Index to Exhibits


Exhibit Number		Description

99.1		Transocean Inc. Release Reporting Fourth Quarter and Fiscal Year Ended December 31, 2007 Financial Results

99.2		Slide Presentation

99.3		Transocean Inc. Fleet Update

Release Reporting Financial Results

Exhibit 99.1

LOGO

Analyst Contact:

Greg Panagos

713-232-7551

News Release

Media Contact:

Guy A. Cantwell

713-232-7647

FOR RELEASE: February 20, 2008

TRANSOCEAN INC. REPORTS

FOURTH QUARTER AND FULL-YEAR 2007 RESULTS

HOUSTON—Transocean Inc. (NYSE: RIG) today reported net income for the three months ended December 31, 2007 of $1,056 million, or $4.17 per diluted share, on record quarterly revenues of $2,077 million. The results compare to net income of $621 million, or $2.92 per diluted share, on revenues of $1,186 million, for the three months ended December 31, 2006.

On November 27, 2007, Transocean Inc. merged with GlobalSantaFe Corporation (the “Merger”) and reclassified our ordinary shares into cash and shares (the “Reclassification”). Reported results for the fourth quarter and full year 2007 included approximately one month from GlobalSantaFe’s operations and the impact of recording GlobalSantaFe’s assets and liabilities at fair market value as required by generally accepted accounting principles.

Fourth quarter 2007 results include after-tax income of $194 million, or $0.77 per diluted share, comprised of the following:

•

$233 million gain resulting from the sale of the Peregrine I drillship;

•

$36 million benefit for discrete tax items;

•

$8 million loss resulting from the retirement of debt; and

•

$67 million of Merger-related compensation costs.

Diluted earnings per share for the fourth quarter 2007 is based on a weighted average diluted share count of 254 million shares, which included the effect of restating the historical share count for the Reclassification. The weighted average diluted share count for the quarter without restatement would have been 309⁽¹⁾ million shares. Net income for the three months ended December 31, 2006 included after-tax gains of $260 million, or $1.22 per diluted share, resulting primarily from the sale of two rigs, other income recognized from the tax sharing agreement with TODCO and a tax benefit for discrete items. Diluted earnings per share for the fourth quarter 2006 is based on a weighted average diluted share count of 213 million shares, which includes the effect of restating the historical diluted share count for the Reclassification.

For the year ended December 31, 2007, net income totaled $3,131 million, or $14.14 per diluted share, on revenues of $6,377 million. For 2006, net income was $1,385 million, or $6.10 per diluted share, on revenues of $3,882 million. Results for 2007 included after-tax income of $563 million, or $2.54 per diluted share, including $369 million recognized during the first nine months of 2007 relating to payments received under the TODCO tax sharing agreement, rig sales and discrete tax items plus the $194 million recognized during the fourth quarter. Net income for the year ended December 31, 2006 included after-tax income totaling $451 million, or $1.97 per share, resulting from the sale of eight rigs and the TODCO tax sharing agreement and discrete tax items. Diluted earnings

per share for the full year 2007 is based on a weighted average diluted share count of 222 million shares which includes the effect of restating the historical share count for the Reclassification. The weighted average diluted share count for 2007 without restatement would have been 303⁽¹⁾ million shares.

Robert L. Long, Chief Executive Officer of Transocean Inc., stated, “This past year was historic for Transocean. It was a record year in terms of financial, operational and safety performance, and we entered 2008 with a record-high revenue backlog. By merging with GlobalSantaFe, we transformed the company and now have a larger global footprint and more extensive technical capabilities. We also recapitalized the company and returned $15.0 billion in cash to Transocean and GlobalSantaFe shareholders.”

Operations Quarterly Review

Revenues for the three months ended December 31, 2007 increased 35.1 percent to $2,077 million, compared to revenues of $1,538 million during the three months ended September 30, 2007. Of the $539 million quarter-to-quarter increase, $481 million was related to the inclusion of one month’s revenues from GlobalSantaFe including $88 million of non-cash contract intangible revenue. The remaining $58 million of the total increase was primarily due to a higher average dayrate for Transocean, which rose 2.0 percent to $224,000 from $219,700 for the prior quarter. The increase in average dayrate was experienced across all rig categories, primarily as a result of rigs commencing new contracts at the higher prevailing current dayrates.

Operating and maintenance expenses were $923 million compared to $663 million for the prior quarter, an increase of $260 million. GlobalSantaFe’s operations represented $151 million of the increase. Of the remaining $109 million increase, $59 million was for merger-related compensation costs and $28 million was for planned shipyards, maintenance and fleet-wide compensation increases and the remainder for discrete unplanned major projects and the impact of the weakening U.S. dollar.

Depreciation, depletion and amortization increased to $195 million versus $103 million in the third quarter of 2007. GlobalSanteFe’s operations accounted for all of this increase.

General and administrative expenses increased to $60 million compared to $27 million in the prior quarter. GlobalSantaFe’s operations accounted for $4 million of the increase, and $23 million was for merger-related expenses.

For the fourth quarter of 2007, the pretax gain from the disposal of assets, net, was $254 million compared to $8 million in the third quarter of 2007, primarily related to the sale of the Peregrine I.

For the fourth quarter of 2007, operating income before general and administrative expenses totaled $1,213 million, a 55.5 percent increase from $780 million reported for the third quarter of 2007. The $433 million increase included $237 million from GlobalSantaFe’s operations, partially offset by $59 million in merger-related compensation expenses. The remainder of the increase was related to the legacy Transocean operations, primarily due to an increase in revenues and an increase in the gain from the disposal of assets, partially offset by the above-described increase in operating and maintenance expenses.

Field operating income⁽²⁾ (defined as revenues less operating and maintenance expenses) for the fourth quarter 2007 increased 31.9 percent to $1,154 million compared to $875 million for the third

quarter of 2007. The $279 million increase in field operating income included $330 million related to the inclusion of GlobalSantaFe, partially offset by $59 million of merger-related compensation expenses. Higher legacy Transocean revenues from increased dayrates were offset by increased operating and maintenance expense.

Liquidity and Interest Expense

Interest expense, net of amounts capitalized for the fourth quarter of 2007, increased to $79 million compared to $23 million in the third quarter of 2007. The increase was primarily related to increased borrowings incurred on November 27, 2007, which were used to fund the $15.0 billion in cash payments to shareholders of both companies associated with the Reclassification and Merger. The increase in net interest expense was partially offset by an increase in capitalized interest related to the six legacy Transocean and two legacy GlobalSantaFe ultra-deepwater rigs under construction.

Cash flow from operating activities increased to $915 million for fourth quarter of 2007 compared to $897 million for the third quarter 2007. For the full year 2007, cash flow from operating activities totaled $3,073 million compared to $1,237 million for 2006. As of December 31, 2007, total debt was $17.3 billion, an increase of $14.7 billion from September 30, 2007.

Effective Tax Rate

The company’s Annual Effective Tax Rate⁽³⁾ for the year ended December 31, 2007 was 12.5 percent, excluding the impact on income before income tax related to the gains from rig sales and payments received under the TODCO tax sharing agreement as well as excluding from income tax expense various discrete tax items. The Effective Tax Rate⁽⁴⁾ of 2.1 percent for the fourth quarter of 2007 reflects the impact of rig sales and a $36 million favorable impact resulting from changes in estimates and resolution of prior years’ tax disputes in various jurisdictions.

Conference Call Information

Transocean will conduct a teleconference call at 10:00 a.m. Eastern on February 20, 2008. To participate, dial 913-312-1493 and refer to confirmation code 8219413 approximately five to 10 minutes prior to the scheduled start time of the call.

In addition, the conference call will be simultaneously broadcast over the Internet in a listen-only mode and can be accessed by logging onto the company’s website at www.deepwater.com and selecting “Investor Relations/News & Events/Webcasts & Presentations.” A file containing four charts to be discussed during the conference call, titled “4Q07 Charts,” has been posted to the company’s website and can also be found by selecting “Investor Relations/News & Events/Webcasts & Presentations.” The conference call may also be accessed via the Internet at www.CompanyBoardroom.com by typing in the company’s New York Stock Exchange trading symbol, “RIG.”

A telephonic replay of the conference call should be available after 1:00 p.m. Eastern on February 20, 2008 and can be accessed by dialing 719-457-0820 and referring to the passcode 8219413. Also, a replay will be available through the Internet and can be accessed by visiting either of the above-referenced Worldwide Web addresses.

Forward-Looking Disclaimer

Statements regarding our Annual Effective Tax Rate, as well as any other statements that are not historical facts in this release, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, risks associated with international operations, future financial results, actions by customers and other third parties, factors affecting the supply and demand of drilling rigs, including newbuilds, reactivations and the reallocation of current rigs, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, hurricanes and other weather conditions, the future price of oil and gas and other factors detailed in the company’s most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Transocean Inc. is the world’s largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 139 mobile offshore drilling units plus eight ultra-deepwater units under construction, the company’s fleet 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 owns or operates a contract drilling fleet of 39 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 29 Midwater Floaters, 10 High-Specification Jackups, 57 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization of approximately $41 billion, Transocean Inc.’s ordinary shares are traded on the New York Stock Exchange under the symbol “RIG.”

⁽¹⁾

The weighted average diluted share count for the quarter without restatement is calculated by assuming the Transocean share count without the effect of the Reclassification for October 2007 and November 2007 and with the effect of the Reclassification for December 2007. The weighted average diluted share count for 2007 without restatement is calculated by assuming the Transocean share count without the effect of the Reclassification for January 2007 through November 2007 and with the effect of the Reclassification for December 2007.

⁽²⁾	For a reconciliation of operating income before general and administrative expense to field operating income, see the accompanying schedule entitled “Non-GAAP Financial Measures and Reconciliations—Operating Income Before General and Administrative Expense to Field Operating Income.”

⁽³⁾

Annual Effective Tax Rate is defined as income tax expense excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes) divided by income before income taxes excluding gains on sales and similar items pursuant to Financial Accounting Standards Board Interpretation No. 18. See the accompanying schedule entitled “Effective Tax Rate Analysis.”

⁽⁴⁾	Effective Tax Rate is defined as income tax expense divided by income before income taxes. See the accompanying schedule entitled “Effective Tax Rate Analysis.”


		###		08-

TRANSOCEAN INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except per share data)

(Unaudited)


	Three months ended December 31,						Twelve months ended December 31,
	2007			2006			2007			2006
Operating revenues
Contract drilling revenues	$	1,860		$	1,147		$	5,948		$	3,745
Contract intangible revenues		88			—			88			—
Other revenues		129			39			341			137

		2,077			1,186			6,377			3,882

Costs and expenses
Operating and maintenance		923			570			2,781			2,155
Depreciation, depletion and amortization		195			98			499			401
General and administrative		60			23			142			90

		1,178			691			3,422			2,646

Gain from disposal of assets, net		254			183			284			405

Operating income		1,153			678			3,239			1,641

Other income (expense), net
Interest income		13			7			30			21
Interest expense, net of amounts capitalized		(79	)		(43	)		(172	)		(115	)
Loss on retirement of debt		(8	)		—			(8	)		—
Other, net		—			51			295			60

		(74	)		15			145			(34	)

Income before income tax expense		1,079			693			3,384			1,607
Income tax expense		23			72			253			222

Net income	$	1,056		$	621		$	3,131		$	1,385

Earnings per share
Basic	$	4.27		$	3.04		$	14.65		$	6.32
Diluted	$	4.17		$	2.92		$	14.14		$	6.10

Weighted average shares outstanding
Basic		247			204			214			219
Diluted		254			213			222			228

TRANSOCEAN INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)


	December 31,
	2007			2006
ASSETS
Cash and cash equivalents	$	1,241		$	467
Accounts receivable, net
Trade		2,209			929
Other		161			17
Materials and supplies, net		333			160
Deferred income taxes, net		119			16
Other current assets		233			67

Total current assets		4,296			1,656

Property and equipment		24,545			10,539
Less accumulated depreciation		3,615			3,213

Property and equipment, net		20,930			7,326

Goodwill		8,219			2,195
Other assets		919			299

Total assets	$	34,364		$	11,476

LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable	$	805		$	477
Accrued income taxes		99			98
Debt due within one year		6,172			95
Other current liabilities		826			369

Total current liabilities		7,902			1,039

Long-term debt		11,085			3,203
Deferred income taxes, net		681			54
Other long-term liabilities		2,125			340

Total long-term liabilities		13,891			3,597

Commitments and contingencies

Minority interest		5			4

Preference shares, $0.10 par value; 50,000,000 shares authorized, none issued and outstanding		—			—
Ordinary shares, $0.01 par value; 800,000,000 shares authorized, 317,222,909 and 204,609,973 shares issued and outstanding at December 31, 2007 and 2006, respectively		3			2
Additional paid-in capital		10,799			8,045
Accumulated other comprehensive loss		(42	)		(30	)
Retained earnings (accumulated deficit)		1,806			(1,181	)

Total shareholders’ equity		12,566			6,836

Total liabilities and shareholders’ equity	$	34,364		$	11,476

TRANSOCEAN INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)


	Three months ended December 31,						Twelve months ended December 31,
	2007			2006			2007			2006
Cash flows from operating activities
Net income	$	1,056		$	621		$	3,131		$	1,385
Adjustments to reconcile net income to net cash provided by operating activities
Amortization of drilling contract intangibles		(88	)		—			(88	)		—
Depreciation, depletion and amortization		195			98			499			401
Share-based compensation expense		48			7			78			20
Gain from disposal of assets, net		(254	)		(183	)		(284	)		(405	)
Deferred income taxes		(42	)		(41	)		(40	)		(23	)
Deferred revenue, net		34			20			52			52
Deferred expenses, net		(38	)		(14	)		(55	)		(109	)
Other, net		10			(1	)		18			(15	)
Changes in operating assets and liabilities		(6	)		(3	)		(238	)		(69	)

Net cash provided by operating activities		915			504			3,073			1,237

Cash flows from investing activities
Capital expenditures		(320	)		(166	)		(1,380	)		(876	)
Consideration paid to GlobalSantaFe shareholders		(5,129	)		—			(5,129	)		—
Cash balances acquired in connection with the Merger		695			—			695			—
Proceeds from disposal of assets, net		317			163			379			461
Joint ventures and other investments, net		(239	)		—			(242	)		—

Net cash used in investing activities		(4,676	)		(3	)		(5,677	)		(415	)

Cash flows from financing activities
Borrowings under 364-Day Revolving Credit Facility		1,500			—			1,500			—
Borrowings under other credit facilities		15,000			100			15,000			1,000
Repayments under other credit facilities		(11,330	)		(300	)		(12,030	)		(300	)
Proceeds from issuance of debt		9,095			—			9,095			1,000
Repayments of debt		(3	)		—			(3	)		__
Financing costs		(96	)		—			(106	)		(5	)
Repurchase of ordinary shares		—			(250	)		(400	)		(2,601	)
Proceeds from issuance of ordinary shares under share-based compensation plans, net		32			2			72			69
Proceeds from issuance of ordinary shares upon exercise of warrants		24			—			40			—
Payment to shareholders for Reclassification of shares		(9,859	)		—			(9,859	)		—
Tax benefit from issuance of ordinary shares under share-based compensation plans		37			7			70			7
Other, net		(16	)		—			(1	)		30

Net cash provided by (used in) financing activities		4,384			(441	)		3,378			(800	)

Net increase in cash and cash equivalents		623			60			774			22

Cash and cash equivalents at beginning of period		618			407			467			445

Cash and cash equivalents at end of period	$	1,241		$	467		$	1,241		$	467

Transocean Inc.

Fleet Operating Statistics


	Operating Revenues (in millions) ⁽¹⁾
	Three months ended									Twelve months ended Dec 31,
	December 31, 2007			September 30, 2007			December 31, 2006			2007			2006
Contract Drilling Revenues
High-Specification Floaters:
Ultra Deepwater Floaters	$	453		$	381		$	304		$	1,509		$	1,015
Deepwater Floaters		290			280			248			1,069			824
Harsh Environment Floaters		120			122			89			478			321
Total High-Specification Floaters		863			783			641			3,056			2,160
Midwater Floaters		534			409			289			1,711			819
High-Specification Jackups		64			12			12			100			45
Standard Jackups		386			236			187			1,023			637
Other Rigs		13			15			18			58			84
Subtotal		1,860			1,455			1,147			5,948			3,745
Contract Intangible Revenues		88			0			0			88			0
Other Revenues
Client Reimbursable Revenues		32			32			28			123			108
Other		97			51			11			218			29
Subtotal		129			83			39			341			137
Total Company	$	2,077		$	1,538		$	1,186		$	6,377		$	3,882

	Average Dayrates ⁽¹⁾
	Three months ended									Twelve months ended Dec 31,
	December 31, 2007			September 30, 2007			December 31, 2006			2007			2006
High-Specification Floaters:
Ultra Deepwater Floaters	$	346,100		$	323,200		$	275,300		$	316,000		$	237,000
Deepwater Floaters	$	265,300		$	251,600		$	216,500		$	236,600		$	188,000
Harsh Environment Floaters	$	326,300		$	312,300		$	199,400		$	291,300		$	184,600
Total High-Specification Floaters	$	311,600		$	291,900		$	237,800		$	279,500		$	207,600
Midwater Floaters	$	274,600		$	254,000		$	184,600		$	249,900		$	140,900
High-Specification Jackups	$	173,400		$	131,600		$	133,300		$	155,700		$	128,900
Standard Jackups	$	130,800		$	120,000		$	95,300		$	119,600		$	78,900
Other Rigs	$	48,600		$	54,900		$	48,200		$	52,700		$	48,900
Total Drilling Fleet	$	224,000		$	219,700		$	171,700		$	211,900		$	142,100

	Utilization ⁽¹⁾
	Three months ended									Twelve months ended Dec 31,
	December 31, 2007			September 30, 2007			December 31, 2006			2007			2006
High-Specification Floaters:
Ultra Deepwater Floaters		97	%		99	%		92	%		98	%		90	%
Deepwater Floaters		75	%		76	%		78	%		78	%		76	%
Harsh Environment Floaters		80	%		85	%		97	%		90	%		95	%
Total High-Specification Floaters		85	%		86	%		86	%		87	%		84	%
Midwater Floaters		95	%		92	%		90	%		95	%		80	%
High-Specification Jackups		100	%		100	%		100	%		100	%		96	%
Standard Jackups		91	%		89	%		89	%		87	%		92	%
Other Rigs		97	%		98	%		99	%		99	%		70	%
Total Drilling Fleet		90	%		89	%		89	%		90	%		85	%

⁽¹⁾

Average daily revenue is defined as contract drilling revenue earned per revenue earning day in the period. A revenue earning day is defined as a day for which a rig earns dayrate after commencement of operations. Utilization is defined as the total actual number of revenue earning days in the period as a percentage of the total number of calendar days in the period for all drilling rigs in our fleet.

LOGO

Transocean Inc. and Subsidiaries

Non-GAAP Financial Measures and Reconciliations

Operating Income Before General and Administrative Expense

to Field Operating Income

(in millions)


	Three months ended									Twelve months ended
	Dec 31, 2007			Sept 30, 2007			Dec 31, 2006			Dec 31, 2007			Dec 31, 2006
Operating revenue	$	2,077		$	1,538		$	1,186		$	6,377		$	3,882
Operating and maintenance expense		923			663			570			2,781			2,155
Depreciation		195			103			98			499			401
(Gain) loss from disposal of assets, net		(254	)		(8	)		(183	)		(284	)		(405	)

Operating income before general and administrative expense		1,213			780			701			3,381			1,731
Add back (subtract): Depreciation		195			103			98			499			401
(Gain) loss from disposal of assets, net		(254	)		(8	)		(183	)		(284	)		(405	)

Field operating income	$	1,154		$	875		$	616		$	3,596		$	1,727

LOGO

Transocean Inc. and Subsidiaries

Supplemental Effective Tax Rate Analysis

(In millions)


	Three months ended									Years ended Dec. 31,
	Dec. 31, 2007			Sept. 30, 2007			Dec. 31, 2006			2007			2006
Income (Loss) before income taxes and minority interest	$	1,079		$	1,024		$	693		$	3,384		$	1,607
Add back (subtract):
(Gain) loss on disposal of assets, net		(233	)		(9	)		(191	)		(264	)		(410	)
Income from TODCO tax sharing agreement		(1	)		(276	)		(51	)		(277	)		(51	)
(Gain) loss on retirement of debt		8			—			—			8			—
GSF Merger related costs		82			—			—			82			—

Adjusted income before income taxes		935			739			451			2,933			1,146

Income tax expense		23			52			72			253			222
Add back (subtract):
(Gain) loss on disposal of assets, net		—			—			1			(3	)		(24	)
GSF Merger related costs		15			—			—			15			—
Changes in estimates (1)		36			52			17			101			14

Adjusted income tax expense (2)	$	74		$	104		$	90		$	366		$	212

Effective Tax Rate (3)		2.1	%		5.1	%		10.4	%		7.5	%		13.8	%

Annual Effective Tax Rate (4)		7.9	%		14.0	%		20.0	%		12.5	%		18.5	%

(1)	Our estimates change as we file tax returns, settle disputes with tax authorities or become aware of other events and include changes in deferred taxes valuation allowances on deferred taxes and other tax liabilities.

(2)	The three months ended December 31, 2007 include $(43) million of additional tax expense (benefit) reflecting the catch-up effect of an increase (decrease) in the annual effective tax rate and included $17 million related to customer indemnification that is also reflected as a reduction of revenue.

(3)	Effective Tax Rate is income tax expense divided by income before income taxes.

(4)

Annual Effective Tax Rate is income tax expense excluding various discrete items (such as changes in estimates and tax on items excluded from income before income taxes) divided by income before income taxes excluding gains on sales and similar items pursuant to Financial Accounting Standards Board Interpretation No. 18.

TRANSOCEAN INC. AND SUBSIDIARIES

SUPPLEMENTAL ANALYSIS OF OPERATING INCOME

(In millions, except per share data)

(Unaudited)


	Three months ended December 31, 2007 Legacy Transocean		Transocean Worldwide Inc. ^(a)		Merger and purchase price adjustments			Three months ended December 31, 2007 Transocean consolidated
Operating revenues
Contract drilling revenues	$	1,516	$	344	$	—		$	1,860
Contract intangible revenues		—		—		88			88
Other revenues		80		49		—			129

		1,596		393		88			2,077

Costs and expenses
Operating and maintenance		713		151		59			923
Depreciation, depletion and amortization		102		33		60			195
General and administrative		33		4		23			60

		848		188		142			1,178

Gain from disposal of assets, net		254		—		—			254

Operating income (loss)	$	1,002	$	205	$	(54	)	$	1,153


	Twelve months ended December 31, 2007 Legacy Transocean		Transocean Worldwide Inc. ^(a)		Merger and purchase price adjustments			Twelve months ended December 31, 2007 Transocean consolidated
Operating revenues
Contract drilling revenues	$	5,604	$	344	$	—		$	5,948
Contract intangible revenues		—		—		88			88
Other revenues		292		49		—			341

		5,896		393		88			6,377

Costs and expenses
Operating and maintenance		2,571		151		59			2,781
Depreciation, depletion and amortization		406		33		60			499
General and administrative		115		4		23			142

		3,092		188		142			3,422

Gain from disposal of assets, net		284		—		—			284

Operating income (loss)	$	3,088	$	205	$	(54	)	$	3,239

(a)	In connection with the Merger, GlobalSantaFe merged with Transocean Worldwide Inc., a wholly owned subsidiary of Transocean. The amounts presented reflect one month of operating results since the time of the Merger.

Slide Presentation

Transocean Inc. Reports

Fourth Quarter 2007 Results

Exhibit 99.2

Chart #1: Average Contracted Dayrate by Rig Type

Qtr 1 2008 through Qtr 4 2008 (Unaudited)

The Jackups category consists of our jackup fleet.

Jackups

The Other Floaters category is generally comprised

of those non-High-Specification Floaters with a

water depth capacity of less than 4,500 feet.

Other

Floaters

The Other Deepwater Floaters include the remaining

semi-submersible rigs and drillships that have a

water depth capacity of at least 4,500 feet.

Other High-Specification Floaters were built in the in

the mid to late 1980s, are capable of drilling in harsh

environments and have greater displacement than

previously constructed rigs resulting in larger

variable load capacity, more useable deck space

and better motion characteristics.

Ultra-Deepwater Floaters have high-pressure mud

pumps and a water depth capability of 7,500 feet or

greater.

The High-Specification Floaters category is a

consolidation of the Ultra-Deepwater Floaters, Other

High-Specification Floaters and Other Deepwater

Floaters as described below.

High-

Specification

Floaters

The weighted average contract dayrate for each rig

type based on current backlog from the company's

most recent Fleet Status Update Report as of

February 5

, 2008. Includes firm contracts only.

Average

Dayrate

Definitions

371

358

351

339

298

289

287

299

155

153

155

148

$50k

$100k

$150k

$200k

$250k

$300k

$350k

Qtr 1 08

Qtr 2 08

Qtr 3 08

Qtr 4 08

High Specification Floaters

Other Floaters

Jackups

Chart #2: Out-of-Service Rig Months

Qtr 1 2007 through Qtr 4 2008 (Unaudited)

Rig time described as "shipyard" refers to periods

during which a rig is out of service as a result of

other planned shipyards, surveys, repairs,

regulatory inspections or other planned service or

work on the rig excluding reactivations and

upgrades.

Shipyard

Rig time described as "upgrade" includes the

Sedco 702 and Sedco 706 which are undergoing

or forecast to undergo a shipyard project to

enhance the operational capabilities of the rig.

Upgrade

Rig time described as "reactivation“, relating to

the C.K. Rhein Jr., which was previously cold

stacked.

Reactivation

Includes mobilization and demobilization to and

from operating contracts and other activities such

as shipyards excluding those mobilization and

demobilization periods

covered

Reactivation

and Upgrades.

Mobilization

Time when a rig is not available to earn an

operating dayrate due to shipyards, contract

preparation, mobilization, reactivation or

upgrades.

Out-of-Service

Time expressed in months that each rig has been,

or is forecast to be Out of Service as reflected in

the company's Fleet Status Update Report as of

February 5

, 2008. Also includes out of service

time of less than 14 days that is not disclosed in

the Fleet Status report.

Rig Months

Definitions

* On November

27,

2007,

Transocean

merged

with

GlobalSanteFe

Corporation

Qtr 1 -

07A

Qtr 2 -

07A

Qtr 3 -

07A

Qtr 4 -

07A

Qtr 1 -

08F

Qtr 2 -

08F

Qtr 3 -

08F

Qtr 4 -

08F

Period ( A = actual data, F = forecast data)

Shipyard

Mobilization

Reactivation

Upgrade

Chart #3: Operating & Maintenance (O&M) Costs Trends

(Unaudited)

Our operating and maintenance costs represent all direct and

indirect costs associated with the operation and maintenance

of our drilling rigs. Operating and maintenance costs also

includes all costs related to local and regional offices as well

as all costs related to operations support, engineering

support, marketing and other similar costs. The principal

elements of these costs are direct and indirect labor and

benefits, repair and maintenance, contract preparation

expenses, insurance, boat and helicopter rentals, professional

and technical fees, freight costs, communications, customs

duties, tool rentals and services, fuel and water, general taxes

and licenses. Labor, repair and maintenance costs, insurance

premiums, personal injury losses and drilling rig casualty

losses represent the most significant components of our

operating and maintenance costs

O&M Costs *

Includes the total amount of days a rig is deemed to be out of

service. This relates to times when a rig is out of service due

to shipyards, mobilization and short-term idle periods.

Out of Service

Days

Denotes the total O&M costs while a rig is out of service

based upon Out of Service Days, as defined below. Out of

Service costs are the difference between total operating and

maintenance costs and the In-Service Costs.

Out of Service

Denotes the total amount of days a rig is deemed to be in-

service under contract operations. This excludes all out of

service time relating to shipyards, mobilization and short-

term out of contract periods but includes the operational

downtime of in service rigs. The average number of days may

also fluctuate from quarter to quarter as a result of rigs being

reactivated, sold or stacked in the quarters.

Rig Operating

Days

Denotes the total O&M costs of a rig while in service based

upon the

Rig

Operating

Days

(excluding

shorebase

common support costs), as defined below.

Operating Rigs

Includes Integrated Services, Drilling Management Services,

Oil and

Gas

Properties,

and

all

shorebase

common

support

costs (on-shore offices, yards, pool equipment).

Support & Non-

Drilling Costs

Definitions

* On November

27,

2007,

Transocean

merged

with

GlobalSanteFe

Corporation

$81

$72

$76

$82

$105

$117

$130

$251

$357

$362

$406

$425

$419

$474

$488

$599

$36

$115

$78

$62

$45

$36

$44

$73

$100 MM

$200 MM

$300 MM

$400 MM

$500 MM

$600 MM

$700 MM

$800 MM

$900 MM

$1,000 MM

Qtr1'06

Qtr2'06

Qtr3'06

Qtr4'06

Qtr1'07

Qtr2'07

Qtr3'07

Qtr4'07

Period

Support & Non-Drilling Costs $

Operating Rig $

Out of Service $

$923

$662

$627

$569

$560

$549

$474

Chart #4: Contract Backlog by Years

(Unaudited)

Total Contract Backlog (1) = $30.9 Billion

4.2

4.8

4.0

2.6

2.1

2.6

5.0

3.4

1.5

0.6

0.1

$0.0B

$1.0B

$2.0B

$3.0B

$4.0B

$5.0B

$6.0B

$7.0B

$8.0B

$9.0B

$10.0B

$11.0B

$12.0B

2008

2009

2010

2011

2012

2013-2016

High-Spec Fleet

Remaining Fleet

9.2

2.6

2.2

3.2

5.5

8.2

(1)

Calculated by multiplying the contracted operating dayrate by the firm contract period from February 1st, 2008 forward. Reflects firm

commitments represented by signed contracts. Contract backlog excludes revenues from mobilization, demobilization, contract preparation,

integrated services and customer reimbursables. Our backlog calculation assumes that we receive the full contractual dayrate, which could be

higher than the actual Dayrate that we receive because of a number of factors (rig downtime, suspension of operations, etc....) including some

beyond our control.

Remaining

Fleet Update

Exhibit 99.3


		Transocean Inc. (NYSE: RIG) Interim Fleet Status Report

THIS INTERM FLEET STATUS REPORT HAS BEEN UPDATED FOR NINE NEW CONTRACT SIGNINGS AND THE RECLASSIFICATION OF ASSETS HELD FOR SALE. ANY ADDITIONAL CHANGES WILL BE INCLUDED IN THE FORTHCOMING FLEET STATUS REPORT TO BE ISSUED IN EARLY MARCH.

The information contained in this Fleet Update report (the “Information”) is as of the date of the report only and is subject to change without notice to the recipient. Transocean Inc. assumes no duty to update any portion of the Information.

DISCLAIMER. NEITHER TRANSOCEAN INC. NOR ITS AFFILIATES MAKE ANY EXPRESS OR IMPLIED WARRANTIES (INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE) REGARDING THE INFORMATION CONTAINED IN THIS REPORT, WHICH INFORMATION IS PROVIDED “AS IS.” Neither Transocean Inc. nor its affiliates will be liable to any recipient or anyone else for any inaccuracy, error or omission, regardless of cause, in the information set forth in this report or for any damages (whether direct or indirect, consequential, punitive or exemplary) resulting therefrom.

No Unauthorized Publication or Use. All information provided by Transocean Inc. in this report is given for the exclusive use of the recipient and may not be published, redistributed or retransmitted without the prior written consent of Transocean Inc.

Client Contract Duration, Timing and Dayrates and Risks Associated with Operations. The duration and timing (including both starting and ending dates) of the client contracts are estimates only, and client contracts are subject to cancellation, suspension and delays for a variety of reasons, including some beyond the control of Transocean Inc. Also, the dayrates set forth in the report are estimates based upon the full contractual operating dayrate. However, the actual average dayrate earned over the course of any given contract will be lower and could be substantially lower. The actual average dayrate will depend upon a number of factors (rig downtime, suspension of operations, etc.) including some beyond the control of Transocean Inc. Our client contracts and operations are generally subject to a number of risks and uncertainties, and we urge you to review the description and explanation of such risks and uncertainties in our filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC’s website at www.sec.gov. The dayrates do not include revenue for mobilizations, demobilizations, upgrades, shipyards or recharges.

Out of Service Days (Shipyards, Mobilizations, Etc.). Estimated out of service time for 2008 is noted where the company anticipates that a rig will be out of service and not be available to earn an operating dayrate for a period of 14 days or longer. Additional rig out of service time in 2008 may occur and will be added to the report as such events arise. No estimates are made for 2009 and beyond.

Out of service time is denoted as “Mob/Contract Prep” and “Shipyard or Project” out of service days. Mob/Contract Prep refers to periods during which the rig is being mobilized, demobilized and/or modifications or upgrades are being made as a result of contract requirements. Shipyard or Project refers to periods during which the rig is out of service as a result of other planned shipyards, surveys, repairs, regulatory inspections or other planned service or work on the rig. Similar Mob/Contract Prep and Shipyard or Project periods of durations under 14 days will occur but are not noted in the Update. In some instances such as certain mobilizations, demobilizations, upgrades and shipyards, we are paid compensation by our clients that is generally recognized over the life of the underlying contract, although such compensation is not typically significant in relation to the revenue generated by the dayrates we charge our clients.

Forward-Looking Statement. The statements made in the Fleet Update that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements made in the Fleet Update include, but are not limited to, statements involving the estimated duration of client contracts, contract dayrate amounts, future contract commencement dates and locations and planned shipyard projects and other out of service time. Such statements are subject to numerous risks, uncertainties and assumptions, including but not limited to, uncertainties relating to the level of activity in offshore oil and gas exploration and development, exploration success by producers, oil and gas prices, competition and market conditions in the contract drilling industry, shipyard delays, actions and approvals of third parties, possible cancellation or suspension of drilling contracts as a result of mechanical difficulties or performance, the Company’s ability to enter into and the terms of future contracts, the availability of qualified personnel, labor relations and the outcome of negotiations with unions representing workers, operating hazards, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, hurricanes and other weather conditions, terrorism, political and other uncertainties inherent in non-U.S. operations (including the risk of war, civil disturbance, seizure or damage of equipment and exchange and currency fluctuations), the impact of governmental laws and regulations, the adequacy of sources of liquidity, the effect of litigation and contingencies and other factors described above and discussed in the Company’s most recently filed Form 10-K, in the Company’s Forms 10-Q for subsequent periods and in the Company’s other filings with the SEC, which are available free of charge on the SEC’s website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. You should not place undue reliance on forward-looking statements. Each forward-looking statement speaks only as of the date of the particular statement, and we undertake no obligation to publicly update or revise any forward looking statements.

Fleet Classification. Transocean Inc. uses a rig classification for its semisubmersible rigs and drillships to reflect the company’s strategic focus on the ownership and operation of premium, high specification floating rigs. The rig classification “High Specification Floaters” is comprised of “Ultra-Deepwater” which refers to the latest generation of semisubmersible rigs and drillships possessing the latest technical drilling capabilities and the ability to operate in water depths equal to or greater than 7,500 feet, “Deepwater” which refers to semisubmersible rigs and drillships that possess the ability to drill in water depths equal to or greater than 4,500 feet, and “Harsh Environment” comprised of five of the company’s premium harsh environment rigs, the semisubmersibles Henry Goodrich, Transocean Leader, Paul B. Loyd, Jr., Transocean Arctic and Polar Pioneer. The category titled “Midwater Floaters” represents semisubmersible rigs and drillships that possess the ability to drill in water depths of up to 4,499 feet. The jackup fleet is subdivided into two categories; “High Specification” which consists of harsh environment and high performance jackups and “Standard”.


		Transocean Inc. (NYSE: RIG) Interim Fleet Status Report

Updated: February 20, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned«

Rig Type/Name

Floater
Type

Yr. ⁽¹⁾
Entered
Service

Water
Depth
(Feet)

Drilling
Depth
(Feet)

Location

Client

Current
Contract
Start/Idle

Date

Estimated
Expiration

/Out of

Service ⁽²⁾

Current
Contract
Dayrate⁽³⁾
(Dollars)

Previous
Contract
Dayrate ⁽³⁾
(Dollars)

Rigs Under Construction (8)

Discoverer Clear Leader⁽¹⁵⁾

ship

TBA

12,000

40,000

USGOM

Chevron

See Footnote 4

N/A

Discoverer Americas⁽¹⁵⁾

ship

TBA

12,000

40,000

USGOM

StatoilHydro

See Footnote 5

475,000

N/A

Discoverer Inspiration⁽¹⁵⁾

ship

TBA

12,000

40,000

USGOM

Chevron

See Footnote 6

472,000

N/A

GSF Drillship TBN 1

ship

TBA

12,000

40,000

TBA

See Footnote 7

N/A

Deepwater Pacific I

ship

TBA

12,000

35,000

India

Reliance

See Footnote 8

N/A

Deepwater Pacific II

ship

TBA

10,000

35,000

TBA

See Footnote 9

N/A

Discoverer TBN 1

ship

TBA

7,500

40,000

Angola

See Footnote 10

N/A

GSF Development Driller III ⁽¹⁵⁾

semi

TBA

7,500

30,000

Angola

See Footnote 11

382,000

N/A

High Specification Floaters:

Ultra-Deepwater (18)

Discoverer Deep Seas⁽¹⁵⁾

ship

2001

10,000

35,000

USGOM

Chevron

Jan-08

Jan-09

318,000

294,000

Apr-08

14 days Shipyard
or Project

USGOM

Chevron

Jan-09

Jan-11

485,000

318,000

Discoverer Enterprise⁽¹⁵⁾

ship

1999

10,000

35,000

USGOM

Dec-07

Dec-10

520,000

191,000

Discoverer Spirit⁽¹⁵⁾

ship

2000

10,000

35,000

USGOM

Anadarko

Dec-07

Dec-10

497,000

298,000

USGOM

Anadarko

Dec-10

Dec-13

520,000

497,000

GSF C.R. Luigs⁽¹⁵⁾

ship

2000

10,000

35,000

USGOM

BHP Billiton

Sep-07

Sep-09

393,000

225,000

Sep-09

Oct-13

510,000

393,000

GSF Jack Ryan ⁽¹⁵⁾

ship

2000

10,000

35,000

Nigeria

Total

Jun-07

Jun-09

297,000

270,000

Nigeria

Total

Jun-09

Jul-13

425,000

297,000

Deepwater Discovery

ship

2000

10,000

30,000

Nigeria

Total

Mar-07

Aug-08

364,000

357,000

Brazil

Devon

Aug-08

Jan-14

425,000

⁽¹⁴⁾

364,000

Dec-08

65 days Shipyard
or Project

Deepwater Frontier

ship

1999

10,000

30,000

India

Reliance

Aug-06

Aug-08

320,000

145,000

India

Reliance

Aug-08

Oct-11

477,000

320,000

Deepwater Millennium⁽¹⁵⁾

ship

1999

10,000

30,000

USGOM

Anadarko

Jun-07

Jun-10

447,000

302,000

USGOM

Anadarko

Jun-10

Jun-13

535,000

447,000

Deepwater Pathfinder

ship

1998

10,000

30,000

Nigeria

Shell/Chevron/
Agip/Petrobras

Jul-07

Jun-09

395,000

190,000

TBA

Jun-09

Oct-09

600,000

395,000

Deepwater Horizon ⁽¹⁵⁾

semi

2001

10,000

30,000

USGOM

Oct-07

Oct-10

See Footnote 12

278,000

Deepwater Expedition

ship

1999

10,000

30,000

Morocco

Petronas
Carigali

Dec-07

Feb-08

320,000

240,000

Feb-08

140 days Mob/
Contract Prep

India

Reliance

Jun-08

Aug-10

375,000

320,000

Cajun Express⁽¹⁵⁾

semi

2001

8,500

25,000

USGOM

Chevron

Aug-07

Jan-10

460,000

216,000

May-08

15 days Shipyard
or Project

Deepwater Nautilus⁽¹⁵⁾

semi

2000

8,000

30,000

USGOM

Shell

Dec-06

Jan-09

449,000

220,000

GSF Explorer ⁽¹⁵⁾

ship

1972/1998

7,800

30,000

Angola

Jun-07

Apr-09

427,000

365,000

Angola

Apr-09

Jul-09

450,000

427,000

Indonesia

Marathon-led
Consortium

Oct-09

Oct-11

510,000

450,000

GSF Development Driller I ⁽¹⁵⁾

semi

2004

7,500

37,500

USGOM

BHP Billiton

Jun-07

Jun-08

220,000

210,000

Jun-08

Jul-12

510,000

220,000

GSF Development Driller II ⁽¹⁵⁾

semi

2004

7,500

37,500

USGOM

Nov-07

Nov-08

198,000

Sedco Energy ⁽¹⁵⁾

semi

2001

7,500

30,000

Nigeria

Chevron

Jan-08

Jan-11

478,000

202,000

Aug-08

30 days Shipyard
or Project

Sedco Express ^{(13) (15)}

semi

2001

7,500

30,000

Angola

Jun-05

Jun-09

183,000

125,000

Jun-08

30 days Shipyard
or Project

Deepwater (16)

Deepwater Navigator⁽¹⁴⁾

ship

2000

7,200

25,000

Brazil

Petrobras

Mar-07

Apr-11

188,000

300,000

Discoverer 534

ship

1975/1991

7,000

25,000

India

Reliance

Dec-07

Jul-10

250,000

245,000

Discoverer Seven Seas

ship

1976/1997

7,000

25,000

India

Reliance

Dec-07

Feb-08

292,000

125,000

Feb-08

120 days Shipyard
or Project

India

ONGC

Jun-08

Jul-11

316,000

292,000

Transocean Marianas⁽¹⁵⁾

semi

1998

7,000

25,000

USGOM

Dec-07

Jan-10

444,000

528,000

Sedco 706 (to be upgraded) ⁽¹⁴⁾

semi

1976/1994/
2008

6,500

25,000

Nov-07

300 days Shipyard
or Project

Sep-08

80 days Mob/
Contract Prep

Brazil

Chevron

Nov-08

Dec-13

312,000

N/A

Sedco 702

semi

1973/2007

6,500

Jan-08

60 days Mob/
Contract Prep

Nigeria

Shell

Mar-08

Mar-11

350,000

N/A

Page 2


		Transocean Inc. (NYSE: RIG) Interim Fleet Status Report

Updated: February 20, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

Rig Type/Name

Floater
Type

Yr. ⁽¹⁾
Entered
Service

Water
Depth
(Feet)

Drilling
Depth
(Feet)

Location

Client

Current
Contract
Start/Idle Date

Estimated
Expiration

/Out of

Service ⁽²⁾

Current

Contract

Dayrate⁽³⁾

(Dollars)

Previous
Contract
Dayrate ⁽³⁾
(Dollars)

Sedco 707 ⁽¹⁴⁾

semi

1976/1997

6,500

25,000

Brazil

Petrobras

Dec-05

Dec-09

188,000

N/A

GSF Celtic Sea⁽¹⁵⁾

semi

1982/1998

5,750

25,000

USGOM

Eni

Jan-08

Jun-08

335,000

Jun-08

100 days Shipyard
or Project

Sep-08

60 days Mob/
Contract Prep

Brazil

British Gas

Nov-08

Nov-10

455,000

⁽¹⁴⁾

335,000

Jack Bates

semi

1986/1997

5,400

30,000

Australia

Woodside

Jun-07

Jun-08

475,000

Dec-07

65 days Shipyard
or Project

Jun-08

21 days Mob/
Contract Prep

China

PetroChina

Jun-08

Sep-08

475,000

Sep-08

15 days Mob/
Contract Prep

Indonesia

Eni

Sep-08

Mar-09

530,000

475,000

Mar-09

15 days Mob/
Contract Prep

Australia

Hess

Mar-09

Jun-10

475,000

530,000

Sedco 709

semi

1977/1999

5,000

25,000

Nigeria

Shell

Oct-06

Oct-08

205,000

175,000

M.G. Hulme, Jr.

semi

1983/1996

5,000

25,000

Nigeria

Eni

Nov-07

Jan-10

430,000

355,000

Transocean Richardson ^{(13) (15)}

semi

1988

5,000

25,000

Angola

Chevron

Aug-07

Sep-10

454,000

300,000

May-08

60 days Shipyard
or Project

Jim Cunningham ⁽¹⁵⁾

semi

1982/1995

4,600

25,000

Angola

ExxonMobil

Oct-07

Oct-08

364,000

357,000

Oct-08

May-09

372,000

364,000

Sedco 710 ^{(13) (14)}

semi

1983

4,500

25,000

Brazil

Petrobras

Oct-06

Nov-10

125,000

190,000

May-08

75 days Shipyard
or Project

Transocean Rather ⁽¹⁴⁾

semi

1988

4,500

25,000

UKNS

Oct-07

Dec-08

256,000

304,000

UKNS

Dec-08

Oct-09

438,000

256,000

Sovereign Explorer⁽¹⁵⁾

semi

1984

4,500

25,000

Trinidad

Oct-07

Feb-08

65,000

Mar-08

14 days Shipyard
or Project

Brazil

Repsol

Mar-08

May-10

380,000

⁽¹⁴⁾

65,000

Jul-08

35 days Shipyard
or Project

Harsh Environment (5)

Henry Goodrich ⁽¹⁵⁾

semi

1985

5,000

30,000

USGOM

StatoilHydro

Jun-07

May-09

350,000

173,000

Transocean Leader ^{(14) (15)}

semi

1987/1997

4,500

25,000

NNS

StatoilHydro

Oct-07

Feb-08

270,000

285,000

NNS

StatoilHydro

Feb-08

Jul-08

340,000

270,000

NNS

StatoilHydro

Jul-08

Jul-09

381,000

340,000

NNS

StatoilHydro

Jul-09

Apr-12

442,000

⁽¹⁶⁾

381,000

Paul B. Loyd, Jr. ⁽¹⁴⁾

semi

1987

2,000

25,000

UKNS

Mar-07

May-09

328,000

145,000

Transocean Arctic ^{(14) (15)}

semi

1986

1,650

25,000

NNS

StatoilHydro

Jan-07

Jul-11

282,000

195,000

Polar Pioneer ^{(14) (15)}

semi

1985

1,500

25,000

NNS

StatoilHydro

Aug-06

Feb-10

302,000

181,000

NNS

StatoilHydro

Mar-10

Mar-14

496,000

302,000

Midwater Floaters (29)

Sedco 700

semi

1973/1997

3,600

25,000

Equatorial
Guinea

Hess

Sep-07

Feb-08

363,000

439,000

Transocean Legend

semi

1983

3,500

25,000

China

Devon

Feb-08

Apr-08

450,000

120,000

Sakhalin Is.

Apr-08

Jan-09

405,000

450,000

Transocean Amirante⁽¹⁵⁾

semi

1978/1997

3,500

25,000

USGOM

Repsol

Aug-07

Feb-08

325,000

143,000

Feb-08

95 days Shipyard
or Project

USGOM

Eni

May-08

Feb-11

374,000

325,000

GSF Arctic I ⁽¹⁴⁾

semi

1983/1996

3,400

25,000

Dec-07

75 days Mob/
Contract Prep

Brazil

Shell

Mar-08

Jan-11

270,000

265,000

C. Kirk Rhein, Jr.

semi

1976/1997

3,300

25,000

India

Reliance

Feb-07

May-09

340,000

N/A

Transocean Driller ^{(13) (14)}

semi

1991

3,000

25,000

Brazil

Petrobras

Aug-06

Aug-10

115,000

53,000

Sep-08

45 days Shipyard
or Project

GSF Rig 135 ⁽¹⁵⁾

semi

1983

2,400

25,000

Congo

Total

Oct-07

Dec-09

325,000

Congo

Total

Jan-10

May-10

380,000

325,000

GSF Rig 140 ⁽¹⁵⁾

semi

1983

2,400

25,000

Angola

ExxonMobil

Oct-07

Oct-08

254,000

⁽²¹⁾

309,000

Oct-08

Jun-09

309,000

254,000

Falcon 100^{(13) (14)}

semi

1974/1999

2,400

25,000

Nov-07

130 days Shipyard
or Project

Brazil

Petrobras

Mar-08

Apr-13

235,000

180,000

GSF Aleutian Key ⁽¹⁵⁾

semi

1976/1999/
2001

2,300

25,000

Angola

Sonangol

Nov-07

Jul-09

357,000

145,000

Feb-08

15 days Shipyard
or Project


		Transocean Inc. (NYSE: RIG) Interim Fleet Status Report

Updated: February 20, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

Rig Type/Name

Floater
Type

Yr. ⁽¹⁾
Entered
Service

Water
Depth
(Feet)

Drilling
Depth
(Feet)

Location

Client

Current
Contract
Start/Idle

Date

Estimated
Expiration

/Out of

Service ⁽²⁾

Current

Contract
Dayrate⁽³⁾
(Dollars)

Previous
Contract
Dayrate ⁽³⁾
(Dollars)

Istiglal^{(15) (20)}

semi

1995/1998

2,300

20,000

Caspian

Jan-08

Jun-08

103,000

96,000

Jul-08

Aug-08

135,000

103,000

Aug-08

Dec-08

106,000

135,000

Sedco 703

semi

1973/1995

2,000

25,000

Australia

Woodside

Aug-07

Sep-08

435,000

400,000

Sep-08

20 days Shipyard
or Project

Australia

Conoco
Phillips

Oct-08

Apr-09

450,000

435,000

Sedco 711

semi

1982

1,800

25,000

UKNS

Shell

Nov-07

Feb-09

283,000

150,000

Feb-08

50 Days Shipyard
or Project

Transocean John Shaw

semi

1982

1,800

25,000

UKNS

Total

Dec-07

Apr-08

382,000

⁽¹⁴⁾

101,000

Apr-08

35 Days Shipyard
or Project

UKNS

Petrofac

May-08

May-09

350,000

382,000

GSF Arctic III

semi

1984

1,800

25,000

UKNS

Petro-
Canada

Jan-07

Mar-08

350,000

150,000

May-08

100 Days Shipyard
or Project

Libya

Eni

Sep-08

Sep-09

453,000

350,000

GSF Arctic IV ⁽²³⁾

semi

1983/1999

1,800

25,000

UKNS

Shell

Sep-07

Oct-10

275,000

185,000

Sedco 712

semi

1983

1,600

25,000

UKNS

Oilexco

Mar-07

Mar-08

237,000

⁽¹⁴⁾

150,000

UKNS

Oilexco

Mar-08

May-10

340,000

237,000

Sedco 714 ⁽¹⁴⁾

semi

1983/1997

1,600

25,000

UKNS

Total

Jan-08

Apr-08

359,000

312,000

UKNS

Total

Apr-08

Jun-08

210,000

359,000

UKNS

Total

Jun-08

Sep-08

260,000

210,000

UKNS

Total

Sep-08

Dec-08

210,000

260,000

UKNS

Total

Dec-08

Mar-09

260,000

210,000

UKNS

Total

Apr-09

Sep-09

360,000

260,000

GSF Grand Banks ⁽¹⁵⁾

semi

1984

1,500

25,000

East
Canada

Husky

Jan-08

Jan-11

353,000

144,000

Aug-08

150 days Shipyard
or Project

Actinia

semi

1982

1,500

25,000

India

Reliance

Sep-06

Aug-09

190,000

54,000

Feb-08

45 days Shipyard
or Project

Sedco 601

semi

1983

1,500

25,000

Malaysia

Petronas
Carigali

Jan-08

Jan-11

255,000

268,000

Apr-08

14 days Shipyard
or Project

Sedneth 701

semi

1972/1993

1,500

25,000

Angola

Chevron

Jun-07

Jan-10

362,000

90,000

Transocean Winner ^{(14) (15)}

semi

1983

1,500

25,000

NNS

StatoilHydro

Aug-06

Oct-09

380,000

120,000

Transocean Searcher ^(14) (15)

semi

1983/1988

1,500

25,000

NNS

StatoilHydro

Oct-06

Jan-09

356,000

138,000

Apr-08

45 days Shipyard
or Project

NNS

StatoilHydro

Jan-09

Mar-12

409,000

356,000

Transocean Prospect ⁽¹⁴⁾

semi

1983/1992

1,500

25,000

UKNS

CNR

Sep-06

Nov-08

208,000

98,000

Dada Gorgud ^{(15) (20)}

semi

1978/1996/
1998

1,500

25,000

Caspian

Jan-08

Jun-08

97,000

90,000

Jul-08

Aug-08

126,000

97,000

Aug-08

Dec-08

101,000

126,000

J.W. McLean

semi

1974/1996

1,250

25,000

UKNS

Shell

Jul-07

Aug-08

250,000

140,000

GSF Arctic II ^{(15) (23)}

semi

1982

1,200

25,000

UKNS

ADTI

Nov-07

Feb-08

380,000

⁽²²⁾

365,000

UKNS

Talisman

Feb-08

Mar-08

365,000

380,000

UKNS

Talisman

Mar-08

Apr-08

420,000

365,000

UKNS

Lundin

Apr-08

Jun-08

425,000

420,000

Ireland

Providence
Resources

Jun-08

Oct-08

400,000

425,000

Oct-08

50 days Shipyard
or Project

Sedco 704 ⁽¹⁴⁾

semi

1974/1993

1,000

25,000

UKNS

Sep-07

Nov-08

318,000

176,000

High Specification Jackups (10)

GSF Constellation I ⁽¹⁵⁾

2003

400

30,000

Trinidad

Aug-07

Aug-09

219,000

76,000

GSF Constellation II ⁽¹⁵⁾

2004

400

30,000

Egypt

Jun-07

Mar-10

194,000

170,000

GSF Galaxy I

1991/2001

400

30,000

UKNS

Jun-06

Apr-08

100,000

80,000

Apr-08

Jul-08

300,000

100,000

Jul-08

Oct-08

100,000

300,000

Oct-08

Apr-09

115,000

100,000

May-09

Jul-09

227,000

115,000

GSF Galaxy II

1998

400

30,000

UKNS

ADTI

Feb-08

Mar-08

205,000

300,000

Mar-08

30 days Shipyard
or Project

GSF Galaxy III ⁽¹⁵⁾

1999

400

30,000

UKNS

Nexen

Oct-07

Aug-09

108,000

100,000

Jul-08

30 days Shipyard
or Project

GSF Baltic ⁽¹⁵⁾

1983

375

25,000

Nigeria

ExxonMobil

May-07

May-09

205,000

240,000

GSF Magellan

1992

350

30,000

UKNS

Shell

Sep-07

Feb-08

300,000

145,000

UKNS

Shell

Feb-08

Jul-08

145,000

300,000

Jul-08

35 days Shipyard
or Project


		Transocean Inc. (NYSE: RIG) Interim Fleet Status Report

Updated: February 20, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «


Rig Type/Name	Floater Type	Yr. ⁽¹⁾ Entered Service	Water Depth (Feet)	Drilling Depth (Feet)	Location	Client	Current Contract Start/Idle Date	Estimated Expiration /Out of Service ⁽²⁾	Current Contract Dayrate⁽³⁾ (Dollars)		Previous Contract Dayrate ⁽³⁾ (Dollars)
GSF Monarch		1986	350	30,000	UKNS	Shell	Dec-07	Mar-09	78,000		70,000
GSF Monitor ⁽¹⁵⁾		1989	350	30,000	Trinidad	BP	Apr-07	Mar-09	151,000		70,000
Trident 20		2000	350	25,000	Caspian	Petronas Carigali	Jan-06	Jan-10	130,000		90,000
							May-08	14 days Shipyard or Project

*Standard Jackups (57)*
Trident IX		1982	400	20,000	Vietnam	JVPC	Aug-07	Sep-08	210,000		188,000
							Sep-08	80 days Shipyard or Project
Trident 17		1983	355	25,000	Malaysia	Petronas Carigali	Sep-07	May-10	185,000		195,000
GSF Adriatic II ⁽¹⁵⁾		1981	350	25,000	Angola	Chevron	May-07	May-09	190,000		55,000
GSF Adriatic III⁽²³⁾		1982	350	25,000	USGOM	ADTI	Jan-08	Mar-08	93,000	⁽²²⁾	75,000
GSF Adriatic IX		1981	350	25,000	Gabon	Total	Nov-07	Jul-08	155,000		100,000
					Gabon	Total	Jul-08	Jul-09	188,000		155,000
GSF Adriatic X		1982	350	30,000	Egypt	Petrobel	Nov-06	Nov-08	161,000		63,000
GSF Key Manhattan		1980	350	25,000	Egypt	Petrobel	Aug-07	Jun-08	155,000		136,000
GSF Key Singapore		1982	350	25,000	Egypt	Petrobel	Jun-07	May-08	155,000		136,000
GSF Adriatic VI		1981	328	25,000	Nigeria	Afren	Jan-08	Oct-08	210,000	⁽¹⁵⁾	195,000
					Gabon	Vaalco	Oct-08	Dec-08	218,000		210,000	⁽¹⁵⁾
GSF Adriatic VIII ⁽¹⁵⁾		1983	328	25,000	Nigeria	ExxonMobil	Mar-07	Mar-09	188,000		145,000
C.E. Thornton		1974	300	25,000	India	ONGC	May-06	Oct-08	45,000		45,000
							Feb-08	170 days Shipyard or Project
					India	ONGC	Oct-08	Oct-11	150,000	⁽¹⁴⁾	45,000
D.R. Stewart		1980	300	25,000	Italy	Eni	Apr-07	Apr-10	168,000		57,000
F.G. McClintock		1975	300	25,000	India	ONGC	Jan-05	Mar-08	50,000		50,000
							Apr-08	170 days Shipyard or Project
					India	ONGC	Oct-08	Nov-11	145,000		50,000
G.H. Galloway		1984	300	25,000	Italy	Eni	Aug-06	Aug-08	115,000		54,000
							Aug-08	14 days Shipyard or Project
GSF Adriatic I ⁽¹⁵⁾		1981	300	25,000	Angola	Chevron	Apr-07	Apr-09	190,000		110,000
GSF Adriatic V ⁽¹⁵⁾		1979	300	25,000	Angola	Chevron	Mar-07	Mar-09	190,000		55,000
GSF Adriatic XI ⁽¹⁵⁾		1983	300	25,000	Vietnam	Hoang Long JOC	Jul-07	Jul-08	210,000		110,000
							Jul-08	45 days Shipyard or Project
GSF Compact Driller⁽¹⁵⁾		1992	300	25,000	Thailand	Chevron	Oct-07	Apr-09	196,000		186,000
GSF Galveston Key		1978	300	25,000	Vietnam	Cuu Long JOC	Mar-06	Mar-08	147,000		73,000
					Vietnam	Cuu Long JOC	Mar-08	Sep-08	178,000		147,000
					Vietnam	Cuu Long JOC	Sep-08	Mar-09	183,000		178,000
					Vietnam	Cuu Long JOC	Mar-09	Sep-09	187,000		183,000
					Vietnam	Cuu Long JOC	Sep-09	Mar-10	192,000		187,000
GSF Key Gibraltar		1976/1996	300	25,000	Thailand	PTTEP	Oct-07	Jun-08	205,000		192,000
							Jun-08	70 days Shipyard or Project
					Malaysia	PTTEP	Aug-08	Dec-08	205,000		205,000
GSF Key Hawaii ⁽¹⁵⁾		1982	300	25,000	Qatar	Maersk	Jul-07	Jul-09	175,000		195,000


GSF Labrador ⁽¹⁵⁾	1983	300	25,000	UKNS	Tullow Oil	Dec-07	Apr-08	225,000	173,000
						Apr-08	30 days Shipyard or Project
GSF Main Pass I	1982	300	25,000	Saudi Arabia	Saudi Aramco	Jul-07	Jul-11	164,000	100,000
GSF Main Pass IV	1982	300	25,000	Saudi Arabia	Saudi Aramco	Aug-07	Jul-11	164,000	100,000
GSF Parameswara	1983	300	20,000	Indonesia	Total	Jan-07	Jul-08	102,000	70,000
						Jul-08	50 days Shipyard or Project
GSF Rig 134	1982	300	20,000	Malaysia	Petronas Carigali	Apr-07	May-10	166,000	128,000
GSF Rig 136	1982	300	20,000	Indonesia	Serica Energy	Nov-07	May-08	185,000	210,000
Harvey H. Ward	1981	300	25,000	Malaysia	Talisman	Mar-07	Aug-08	110,000	116,000
						Aug-08	125 days Shipyard or Project
Interocean III	1978/1993	300	25,000	Egypt	Agiba	Jul-07	Jan-09	117,000	65,000
J.T. Angel	1982	300	25,000	India	ONGC	Mar-07	May-10	148,000	105,000
Randolph Yost	1979	300	25,000	India	ONGC	Mar-07	Mar-10	148,000	61,000
Roger W. Mowell	1982	300	25,000	Malaysia	Talisman	Nov-06	Dec-08	110,000	48,000
Ron Tappmeyer	1978	300	25,000	India	ONGC	Feb-07	Feb-10	148,000	62,000
Shelf Explorer	1982	300	20,000	Vietnam	Lam Son	Dec-07	May-08	174,000	208,000
				Vietnam	Lam Son	May-08	Aug-08	184,000	174,000
Transocean Nordic	1984	300	25,000			Oct-07	170 days Shipyard or Project
				Sakhalin Island	Venineft	May-08	Oct-08	185,000	74,000
						Nov-08	150 days Shipyard or Project


		Transocean Inc. (NYSE: RIG) Interim Fleet Status Report

Updated: February 20, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

Rig Type/Name

Floater
Type

Yr. ⁽¹⁾
Entered
Service

Water
Depth
(Feet)

Drilling
Depth
(Feet)

Location

Client

Current
Contract
Start/Idle

Date

Estimated
Expiration

/Out of

Service ⁽²⁾

Current

Contract

Dayrate⁽³⁾

(Dollars)

Previous
Contract
Dayrate ⁽³⁾
(Dollars)

Standard Jackups (57)

Trident 15

1982

300

25,000

Thailand

Chevron

Feb-06

Feb-12

100,000

⁽¹⁷⁾

60,000

May-07

310 days Shipyard
or Project

Trident 16

1982

300

25,000

Thailand

Chevron

Nov-07

Feb-08

195,000

95,000

Vietnam

Petronas
Carigali

Feb-08

Feb-10

189,000

195,000

Malaysia

Petronas
Carigali

Feb-10

Aug-11

180,000

189,000

Trident II

1977/1985

300

25,000

India

ONGC

Apr-07

Jun-10

148,000

60,000

Trident IV

1980/1999

300

25,000

Nigeria

Chevron

Feb-06

Mar-08

90,000

120,000

Cameroon

Bowleven

Apr-08

Jun-08

219,000

90,000

Trident VIII

1981

300

21,000

Nigeria

Conoil

Apr-06

May-08

66,000

56,000

May-08

15 days Shipyard
or Project

Trident XII

1982/1992

300

25,000

India

ONGC

Jan-07

Feb-10

148,000

62,000

Trident XIV

1982/1994

300

20,000

Angola

Chevron

Jun-06

Jun-09

98,000

61,000

GSF High Island II

1979

270

20,000

Saudi
Arabia

Saudi
Aramco

Jul-07

Jul-11

164,000

100,000

GSF High Island IV

1980/2001

270

20,000

Saudi
Arabia

Saudi
Aramco

May-07

May-11

164,000

107,000

GSF High Island V

1981

270

20,000

Gabon

Total

May-07

Jun-08

155,000

86,000

Gabon

Total

Jun-08

Jan-09

155,000

GSF High Island IX ⁽¹⁵⁾

1983

250

20,000

Nigeria

Addax
Petroleum

Jun-07

Jun-09

150,000

145,000

Aug-08

14 days Shipyard
or Project

GSF High Island VII

1982

250

20,000

Cameroon

Total

Feb-07

Sep-08

160,000

98,000

Jan-08

30 days Shipyard
or Project

GSF High Island VIII ⁽²³⁾

1981

250

20,000

USGOM

BHP Billiton

Jan-08

Apr-08

72,000

58,000

Sep-08

60 days Shipyard
or Project

GSF Rig 103

1974

250

20,000

UAE

Atlantis

Sep-07

Mar-08

170,000

130,000

GSF Rig 105

1975

250

20,000

Egypt

Petrobel

Mar-07

Mar-08

90,000

85,000

Egypt

Petrobel

Mar-08

Mar-11

112,000

90,000

GSF Rig 124

1980

250

20,000

Egypt

AMAPETCO

Apr-07

Oct-08

110,000

55,000

GSF Rig 127 ⁽¹⁵⁾

1981

250

20,000

Qatar

Maersk

Jun-07

Jun-09

145,000

120,000

GSF Rig 141

1982

250

20,000

Egypt

Petrogulf

Nov-07

Nov-08

115,000

Transocean Comet

1980

250

20,000

Egypt

GUPCO

Oct-07

Oct-09

112,000

62,000

Transocean Mercury

1969/1998

250

20,000

TBA

Feb-08

Jan-10

110,000

58,000

Trident VI

1981

220

21,000

Vietnam

Vietsovpetro

Apr-07

Aug-08

193,000

142,000

GSF Britannia

1968

200

20,000

UKNS

Shell

Aug-07

Feb-09

61,000

55,000

Swamp Barges (2)

Searex 4

1981/1989

25,000

Indonesia

Total

Sep-04

Sep-09

39,000

N/A

Hibiscus ⁽¹⁸⁾

1979/1993

16,000

Indonesia

Total

Oct-07

Sep-12

71,500

74,000

Others (2)

Joides Resolution^{(15) (19)}

ship

1978

27,000

30,000

Singapore

Oct-06

660 days Shipyard
or Project

Worldwide

TAMRF

Sep-08

Mar-14

64,500

35,000

Sedco 135D ⁽¹⁴⁾

1966/1977/
2001

600

Brazil

SLB

Jun-01

Jun-09

33,000

N/A

Idle Rig Held for Sale (1)

GSF High Island I

1979

250

20,000

Idle

65,000

Fixed-Price Options

High Specification Floaters:

Ultra-Deepwater

GSF Explorer

ship

1972/1998

7,800

30,000

Angola

Jul-09

Oct-09

450,000

Sedco Express

semi

2001

7,500

25,000

Angola

Jul-09

Jul-10

183,000

Deepwater

Discoverer 534

ship

1975/1991

7,000

25,000

India

Reliance

Jul-10

Jan-11

250,000

Sedco 709

semi

1977/1999

5,000

25,000

Nigeria

Shell

Oct-08

Oct-09

205,000


		Transocean Inc. (NYSE: RIG) Interim Fleet Status Report

Updated: February 20, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

Rig Type/Name

Floater
Type

Yr. ⁽¹⁾
Entered
Service

Water
Depth
(Feet)

Drilling
Depth
(Feet)

Location

Client

Current
Contract
Start/Idle

Date

Estimated
Expiration

/Out of

Service ⁽²⁾

Current
Contract
Dayrate⁽³⁾
(Dollars)

Previous
Contract
Dayrate ⁽³⁾
(Dollars)

Harsh Environment

Henry Goodrich

semi

1985

2,000

30,000

USGOM

StatoilHydro

May-09

May-10

350,000

Midwater Floaters

Sedco 703

semi

1973/1995

2,000

25,000

Australia

ConocoPhillips

Apr-09

May-09

450,000

Transocean Searcher

semi

1983/1988

1,500

25,000

NNS

StatoilHydro

Mar-12

Sep-12

390,000

411,000

High Specification Jackups

GSF Galaxy III

1999

400

30,000

UKNS

Nexen

Aug-09

Feb-10

108,000

Standard Jackups

GSF Parameswara

1983

300

20,000

Indonesia

Total

Sep-08

Feb-09

106,000

102,000

Others

Joides Resolution

ship

1978

27,000

30,000

Worldwide

TAMRF

Mar-14

Mar-24

64,500

Footnotes:

⁽¹⁾ Dates shown are the original service date and the date of the most recent upgrade, if any.

⁽²⁾ Expiration dates represent the company’s current estimate of the earliest date the contract for each rig is likely to expire. Some rigs have two contracts in continuation, so the second line shows the estimated earliest availability. Many contracts permit the client to extend the contract. The out of service time represents those days in 2008 where the company anticipates that a rig will be out of service and not be available to earn an operating dayrate for a period of 14 days or longer. Please refer to the “Out of Service Days (Shipyards, Mobilizations, Etc.)” section of the Cover Page for a full description.

⁽³⁾ Represents the full operating dayrate, although the average dayrate over the term of the contract will be lower and could be substantially lower. Does not reflect incentive programs which are typically based on the rig’s operating performance against a performance curve. Please refer to the “Client Contract Duration and Dayrates and Risks Associated with Operations” section of the Cover Page for a description of dayrates.

⁽⁴⁾ We have been awarded a five-year drilling contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named Discoverer Clear Leader. Operations are expected to commence during the second quarter of 2009, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first three years of the contract, the contract dayrate is $469,000. The dayrate for the last two years of the contract is linked to the standard West Texas Intermediate crude oil price with a floor of $40 per barrel resulting in a contract dayrate of $400,000 and a ceiling of $70 per barrel resulting in a contract dayrate of $500,000.

⁽⁵⁾ We have been awarded a four-year drilling contract by StatoilHydro for the construction of an enhanced Enterprise-class drillship to be named Discoverer Americas. Operations are expected to commence by mid-2009, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors.

⁽⁶⁾ We have been awarded a five-year contract by Chevron for the construction of an enhanced Enterprise-class drillship to be named Discoverer Inspiration. Operations are expected to commence during the first quarter of 2010, after shipyard construction followed by sea trials, mobilization to the U.S. Gulf of Mexico and customer acceptance. The contract commencement date is contingent on vendor performance and other factors.

⁽⁷⁾ In September 2007 we exercised an option to construct a Gusto MSC/P 10,000 design drillship which is yet to be named. Construction of the drillship is expected to be completed in the third quarter of 2010. We are actively marketing the drillship.

⁽⁸⁾ We own a 50 percent interest in this ultra-deepwater Samsung-design drillship to be named Deepwater Pacific I through a joint venture company with Pacific Drilling Limited. The joint venture has been awarded a four-year drilling contract with Reliance for construction of the drillship. Operations are expected to commence during the third quarter of 2009, after shipyard construction followed by sea trials, mobilization and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. During the first six months of the contract, the contract dayrate is $495,000, regardless of the duration of the remaining term of the contract. The dayrate for the remaining three and one-half years of the contract is $530,000. On or prior to October 31, 2008, the contract may be extended to five years, in which case the dayrate would be reduced to $515,000 for the remaining four and one-half years.

⁽⁹⁾ We own a 50 percent interest in this ultra-deepwater Samsung-design drillship to be named Deepwater Pacific II through a joint venture company with Pacific Drilling Limited. The drillship is expected to finish construction in first quarter 2010. The joint venture is actively marketing the drillship.

⁽¹⁰⁾ We have been awarded a drilling contract by BP for the construction of an enhanced Enterprise-class drillship. The rig will be owned by a joint venture in which the company owns 65 percent. The contract has an initial term of five years, but can be converted at the customer’s election by the end of March 2008 to a seven-year term. Operations are expected to commence during the third quarter of 2010, after shipyard construction followed by sea trials, mobilization to Angola and customer acceptance. The contract commencement date is contingent on vendor performance and other factors. The dayrate to be paid on a five-year contract period is $460,000, or $430,000 should the contract be converted to a seven-year term.

⁽¹¹⁾ We have been awarded a seven-year drilling contract by BP for the construction of a Keppel Fels MSC DSS 51 design semisubmersible to be named GSF Development Driller III. Operations are expected to commence by mid-2009, after shipyard construction followed by sea trials, mobilization to Angola and customer acceptance. The contract commencement date is contingent on vendor performance and other factors.

⁽¹²⁾ Dayrate for contract period October 2007 through October 2010 to be set using a quarterly average of the stated contract dayrates on the company’s other Ultra-Deepwater, dynamically positioned rigs operating in the U.S. Gulf of Mexico. The dayrate is currently estimated to range from $447,000 in January 2008 to $487,000 in October 2010.

⁽¹³⁾ Current contract provides for a bonus incentive opportunity not reflected in the stated current contract dayrate.

⁽¹⁴⁾ Reflects the current contracted dayrate which is comprised of a foreign currency component and which could change due to foreign exchange adjustments.

⁽¹⁵⁾ Reflects the current contracted dayrate which could change due to cost escalations.

⁽¹⁶⁾ Dayrate reflects a base level to be paid. The rig will receive a dayrate higher than the stated base level when utilized in a water depth of greater than 1,500 feet.

⁽¹⁷⁾ Dayrate subject to annual adjustment based on market dayrates within specific parameters.

⁽¹⁸⁾ Owned by a joint venture in which the company owns an 80 percent interest. Dayrate indicated reflects 100 percent of contract rate.


		Transocean Inc. (NYSE: RIG) Interim Fleet Status Report

Updated: February 20, 2008

Revisions to Last Month’s Fleet Status Report Noted in Bold

Dynamically positioned «

⁽¹⁹⁾ Operated under a management contract with the rig’s owner. The rig is currently engaged in scientific geological coring activities and is owned by a joint venture in which a subsidiary of the company has a 50 percent interest. Dayrate indicated reflects 100 percent of contract rate.

⁽²⁰⁾ Operated under a management contract with the rig’s owner.

⁽²¹⁾ On June 30, 2007, the riser for GSF Rig 135 was lost at sea when the transport vessel capsized. A newly manufactured riser that was to be shipped to GSF Rig 140 to replace GSF Rig 140’s existing riser was redirected to GSF Rig 135. Since we were obligated to provide a new riser for GSF Rig 140’s current contract, the dayrate for GSF Rig 140 was reduced by $55,000 per day until such time that we are able to replace the riser. We believe that the $55,000 dayrate reduction is covered under applicable insurance policies.

⁽²²⁾ For the period of time that this rig is contracted to Applied Drilling Technology International, the drilling management services division of the Company’s U.K. operating subsidiary, or Applied Drilling Technology Inc., the Company’s U.S. drilling management services subsidiary, accounting rules require that we eliminate the revenues and costs related to those contracts.

⁽²³⁾ This rig has been designated as held for sale but is currently still under contract.