press release

Transocean Inc. and ChevronTexaco Announce New World Water-Depth Drilling Record in 10,011 Feet of Water

THIRD PARTY RELEASE

This is news concerning ChevronTexaco but issued by someone other than ChevronTexaco and archived here for record purposes.

HOUSTON, Nov. 17, 2003 -- Transocean Inc. and ChevronTexaco today announced that the Transocean drillship Discoverer Deep Seas has set a new world water-depth drilling record by spudding a well in 10,011 feet of water in the U.S. Gulf of Mexico. The record -- set while constructing ChevronTexaco's Toledo well in Alaminos Canyon block 951 -- marks the first time in the offshore drilling industry's history that a drilling rig has explored for oil and natural gas in more than 10,000 feet of water.

The previous world water-depth drilling record was 9,727 feet of water in the U.S. Gulf of Mexico by another Transocean drillship, the Discoverer Spirit, in October 2001 working for Unocal.

The Discoverer Deep Seas and its sister drillships, Discoverer Spirit and Discoverer Enterprise, incorporate and use Transocean's patented dual-activity technology, which saves time by allowing drilling tasks to be performed in parallel, rather than sequentially as with conventional offshore drilling rigs.

Transocean Inc. is the world's largest offshore drilling contractor with more than 160 full or partially owned and managed mobile offshore drilling units, inland drilling barges and other assets utilized in the support of offshore drilling activities worldwide. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world with 13 fifth-generation semisubmersibles and drillships, 15 other deepwater semisubmersibles and drillships, 31 mid-water semisubmersibles and drillships and 50 jackup drilling rigs. Transocean Inc. specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. With a current equity market capitalization in excess of $6 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

Updated: November 2003