Exhibit 99.1

		Transocean Inc.
		Post Office Box 2765
		Houston TX 77252 2765

Analyst Contact:		Gregory S. Panagos		News Release
		713-232-7551		FOR RELEASE: October 31, 2007
Media Contact:		Guy A. Cantwell
		713-232-7647

TRANSOCEAN INC. REPORTS
THIRD QUARTER 2007 FINANCIAL RESULTS

     HOUSTON—Transocean Inc. (NYSE: RIG) today reported net income for the three months ended September 30, 2007 of $973 million, or $3.24 per diluted share, on record quarterly revenues of $1,538 million. The results compare to net income of $309 million, or $0.96 per diluted share, on revenues of $1,025 million, for the three months ended September 30, 2006.

     Third quarter 2007 results included after-tax income of $336 million, or $1.12 per diluted share, related to $276 million for the TODCO tax sharing agreement, $52 million for changes in estimated taxes, primarily foreign tax credits, and an $8 million gain resulting from the sale of the drilling barge Searex VI. For the quarter ended September 30, 2006, net income included $37 million, or $0.12 per diluted share, primarily from the sale of two tender-assist rigs.

     For the nine months ended September 30, 2007, net income totaled $2,075 million, or $6.91 per diluted share, on revenues of $4,300 million. For the same period last year, net income totaled $764 million, or $2.31 per diluted share, on revenues of $2,696 million. Results for the first nine months of 2007 include $369 million, or $1.22 per diluted share, including $33 million recognized during the first half of 2007 from rig sales and discrete tax items plus the $336 million recognized during the third quarter as noted above. For the nine months ended September 30, 2006, net income included $191 million, or $0.57 per diluted share, primarily from the sale of six rigs.

     Operations Quarterly Review

     Revenues for the three months ended September 30, 2007 increased 7.3 percent to $1,538 million compared to revenues of $1,434 million during the three months ended June 30, 2007. The quarter-to-quarter increase in revenues was primarily due to a higher average dayrate, partially offset by a slight reduction in days in service. The third quarter 2007 average dayrate reached a record high of $219,700, up 8.5 percent, compared to $202,400 during the second quarter 2007. 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.

     For the three months ended September 30, 2007, operating income before general and administrative expenses totaled $780 million, a 10.6 percent increase from $705 million reported for the second quarter 2007. The $75 million increase in operating income before general and administrative expense was due to higher revenues, driven by increased dayrates. Partially offsetting the higher third quarter 2007 revenues was $36 million in increased operating and maintenance expenses, primarily due to an increase in reimbursable costs and integrated service expenditures, as well as an increase in the number of maintenance projects.

     Field operating income⁽¹⁾ (defined as revenues less operating and maintenance expenses) increased 8.4 percent to $875 million for the third quarter 2007, compared to $807 million for the prior three-month period. The increase in third quarter 2007 field operating income was due chiefly to strong revenue growth combined with stable operating margins.

     Liquidity

     Cash flow from operations totaled $897 million for the third quarter 2007 compared to $289 million for the third quarter 2006. For the nine months ended September 30, 2007, cash flow from operations increased to $2,158 million compared to $733 million for the same period last year. As of September 30, 2007, total debt was $2,593 million, down $471 million compared to $3,064 as of June 30, 2007. The $471 million of debt reduction during the third quarter 2007 reflects the repayment of the company’s two-year term credit facility due August 2008.

     Effective Tax Rate

     The company’s Annual Effective Tax Rate⁽²⁾ for the three months ended September 30, 2007 was 14.0 percent, excluding various discrete items. The Effective Tax Rate⁽³⁾ of 5.1 percent for the third quarter 2007 reflects a $52 million favorable impact resulting primarily from changes in estimated foreign tax credit. The company currently expects the Annual Effective Tax Rate for the remainder of 2007 to be 14.6 percent.

     Conference Call Information

     Transocean will conduct a teleconference call at 10:00 a.m. Eastern Time on October 31, 2007. To participate, dial 913-981-5542 and refer to confirmation code 1852427 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 “3Q07 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 Time on October 31, 2007 and can be accessed by dialing 719-457-0820 and referring to the passcode 1852427. 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 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 34 High-Specification Floaters (semisubmersibles and drillships), 19 Other Floaters, 25 Jackups and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization $33.4 billion, Transocean Inc.’s ordinary shares are traded on the New York Stock Exchange under the symbol “RIG.”

TRANSOCEAN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except per share data)
(Unaudited)

		Three months ended								Nine months ended
		September 30,								September 30,
		2007				2006				2007				2006
Operating revenues
Contract drilling revenues		$	1,455			$	991			$	4,088			$	2,598
Other revenues			83				34				212				98
			1,538				1,025				4,300				2,696
Costs and expenses
Operating and maintenance			663				561				1,858				1,585
Depreciation			103				99				304				303
General and administrative			27				22				82				67
			793				682				2,244				1,955
Gain from disposal of assets, net			8				47				30				222
Operating income			753				390				2,086				963
Other income (expense), net
Interest income			7				4				17				14
Interest expense, net of amounts capitalized			(23	)			(28	)			(93	)			(72	)
Other, net			287				7				295				9
			271				(17	)			219				(49	)
Income before income taxes and minority interest			1,024				373				2,305				914
Income tax expense			52				64				230				150
Minority interest			(1	)			—				—				—
Net income		$	973			$	309			$	2,075			$	764
Earnings per share
Basic		$	3.36			$	0.99			$	7.17			$	2.39
Diluted		$	3.24			$	0.96			$	6.91			$	2.31
Weighted average shares outstanding
Basic			290				312				289				320
Diluted			300				323				301				332

TRANSOCEAN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In millions, except share data)

		September 30,				December 31,
		2007				2006
		(Unaudited)
ASSETS
Cash and cash equivalents		$	618			$	467
Accounts receivable, net of allowance for doubtful accounts of $41 and $26 at September 30, 2007 and December 31, 2006, respectively			1,266				946
Materials and supplies, net of allowance for obsolescence of $21 and $19 at September 30, 2007 and December 31, 2006, respectively			179				160
Deferred income taxes, net			28				16
Other current assets			132				67
Total current assets			2,223				1,656
Property and equipment			11,460				10,539
Less accumulated depreciation			3,489				3,213
Property and equipment, net			7,971				7,326
Goodwill			2,187				2,195
Other assets			319				299
Total assets		$	12,700			$	11,476
LIABILITIES AND SHAREHOLDERS’ EQUITY
Accounts payable		$	406			$	477
Accrued income taxes			156				98
Debt due within one year			1,018				95
Other current liabilities			419				369
Total current liabilities			1,999				1,039
Long-term debt			1,575				3,200
Deferred income taxes, net			57				54
Other long-term liabilities			566				343
Total long-term liabilities			2,198				3,597
Commitments and contingencies
Minority interest			1				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, 290,802,699 and 292,454,457 shares issued and outstanding at September 30, 2007 and December 31, 2006, respectively			3				3
Additional paid-in capital			7,780				8,044
Accumulated other comprehensive loss			(31	)			(30	)
Retained earnings (accumulated deficit)			750				(1,181	)
Total shareholders’ equity			8,502				6,836
Total liabilities and shareholders’ equity		$	12,700			$	11,476

TRANSOCEAN INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)

		Three months ended								Nine months ended
		September 30,								September 30,
		2007				2006				2007				2006
Cash flows from operating activities
Net income		$	973			$	309			$	2,075			$	764
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation			103				99				304				303
Share-based compensation expense			11				5				30				13
Gain from disposal of assets, net			(8	)			(47	)			(30	)			(222	)
Deferred income taxes			9				(7	)			2				18
Deferred expenses, net			(4	)			(40	)			(17	)			(95	)
Deferred revenues, net			(20	)			12				18				32
Other long-term liabilities			19				(4	)			31				17
Other, net			(7	)			(7	)			(3	)			(14	)
Changes in operating assets and liabilities
Accounts receivable			(82	)			(169	)			(320	)			(273	)
Other current assets			3				15				(29	)			(36	)
Accounts payable and other current liabilities			(75	)			76				65				167
Income taxes receivable/payable, net			(25	)			47				32				59
Net cash provided by operating activities			897				289				2,158				733
Cash flows from investing activities
Capital expenditures			(305	)			(434	)			(1,060	)			(710	)
Proceeds from disposal of assets, net			21				95				62				298
Joint ventures and other investments, net			—				—				(3	)			—
Net cash used in investing activities			(284	)			(339	)			(1,001	)			(412	)
Cash flows from financing activities
Borrowings under the Revolving Credit Facility, net			—				900				—				900
Proceeds from issuance of debt, net			—				1,000				—				1,000
Repayment of borrowings under Term Credit Facility			(470	)			—				(700	)			—
Release of escrow funds – Nautilus lease financing			—				30				—				30
Repurchase of ordinary shares			—				(1,751	)			(400	)			(2,351	)
Proceeds from issuance of ordinary shares under share-based compensation plans, net			1				1				56				67
Tax benefit from issuance of ordinary shares under share-based compensation plans			23				—				33				—
Other, net			6				(5	)			5				(5	)
Net cash provided by (used in) financing activities			(440	)			175				(1,006	)			(359	)
Net increase (decrease) in cash and cash equivalents			173				125				151				(38	)
Cash and cash equivalents at beginning of period			445				282				467				445
Cash and cash equivalents at end of period		$	618			$	407			$	618			$	407

Transocean Inc.
Fleet Operating Statistics

		Operating Revenues (in millions) (1)
														Nine months ended
		Three months ended												Sept 30,
		September 30,				June 30,				September 30,
		2007				2007				2006				2007				2006
Contract Drilling Revenues
High-Specification Floaters:
Ultra Deepwater Floaters		$	381			$	336			$	257			$	1,057			$	711
Other Deepwater Floaters			298				272				246				830				611
Other High-Specification Floaters			101				103				62				290				176
Total High-Specification Floaters			780				711				565				2,177				1,498
Other Floaters			412				403				218				1,193				551
Jackups			248				230				184				673				483
Other Rigs			15				16				24				45				66
Subtotal			1,455				1,360				991				4,088				2,598
Other Revenues
Client Reimbursable Revenues			32				29				30				92				77
Integrated Services and Other			51				45				4				120				21
Subtotal			83				74				34				212				98
Total Company		$	1,538			$	1,434			$	1,025			$	4,300			$	2,696

		Average Dayrates (1)
														Nine months ended
		Three months ended												Sept 30,
		September 30,				June 30,				September 30,
		2007				2007				2006				2007				2006
High-Specification Floaters:
Ultra Deepwater Floaters		$	323,200			$	288,900			$	246,000			$	304,600			$	223,700
Other Deepwater Floaters		$	257,700			$	228,400			$	222,300			$	240,600			$	188,700
Other High-Specification Floaters		$	316,400			$	286,900			$	181,500			$	279,500			$	172,000
Total High-Specification Floaters		$	293,900			$	262,100			$	226,700			$	273,600			$	201,400
Other Floaters		$	251,400			$	226,300			$	136,800			$	233,500			$	122,000
Jackups		$	120,500			$	117,900			$	83,400			$	114,600			$	75,800
Other Rigs		$	54,900			$	57,200			$	52,400			$	54,100			$	49,100
Total Drilling Fleet		$	219,700			$	202,400			$	146,900			$	206,800			$	132,000

		Utilization (1)
														Nine months ended
		Three months ended												Sept 30,
		September 30,				June 30,				September 30,
		2007				2007				2006				2007				2006
High-Specification Floaters:
Ultra Deepwater Floaters			99	%			98	%			88	%			98	%			90	%
Other Deepwater Floaters			79	%			82	%			75	%			79	%			75	%
Other High-Specification Floaters			87	%			99	%			93	%			95	%			94	%
Total High-Specification Floaters			87	%			90	%			82	%			88	%			83	%
Other Floaters			89	%			98	%			86	%			94	%			78	%
Jackups			90	%			86	%			96	%			86	%			93	%
Other Rigs			98	%			100	%			76	%			99	%			64	%
Total Drilling Fleet			89	%			91	%			87	%			89	%			83	%

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												Nine months ended
		Sept 30,				June 30,				Sept 30,				Sept 30,				Sept 30,
		2007				2007				2006				2007				2006
Operating revenue		$	1,538			$	1,434			$	1,025			$	4,300			$	2,696
Operating and maintenance expense			663				627				561				1,858				1,585
Depreciation			103				101				99				304				303
(Gain) loss from disposal of assets, net			(8	)			1				(47	)			(30	)			(222	)
Operating income before general and administrative expense			780				705				412				2,168				1,030
Add back (subtract): Depreciation			103				101				99				304				303
(Gain) loss from disposal of assets, net			(8	)			1				(47	)			(30	)			(222	)
Field operating income		$	875			$	807			$	464			$	2,442			$	1,111

Transocean Inc. and Subsidiaries
Effective Tax Rate Analysis
(In millions)

		Three months ended												Nine months ended								Twelve months ended
		September 30,				June 30,				September 30,				September 30,								Dec. 31
		2007				2007				2006				2007				2006				2006
Income (Loss) before income taxes and minority interest		$	1,024			$	643			$	373			$	2,305			$	914			$	1,607
Add back (subtract):		$	—			$	—
(Gain) loss on disposal of assets, net			(9	)			1				(44	)			(31	)			(219	)			(410	)
Income from TODCO tax sharing agreement			(276	)			—				—				(276	)			—				(51	)
Adjusted income before income taxes		$	739			$	644			$	329			$	1,998			$	695			$	1,146
Income tax expense		$	52			$	93			$	64			$	230			$	150			$	222
Add back (subtract):
(Gain) loss on disposal of assets, net			—				—				(3	)			(3	)			(25	)			(24	)
Changes in estimates (1)			52				11				(4	)			65				(3	)			14
Adjusted income tax expense (2)		$	104			$	104			$	57			$	292			$	122			$	212
Effective tax rate (3)			5.1	%			14.4	%			17.1	%			10.0	%			16.4	%			13.8	%
Annual effective tax rate (4)			14.0	%			16.1	%			17.3	%			14.6	%			17.5	%			18.5	%