Issuer:

Transocean Inc.

Principal Amount:

$500,000,000 2013 Senior Notes

$1,000,000,000 2018 Senior Notes

$1,000,000,000 2038 Senior Notes

Expected Ratings:
(Moody’s/S&P)

Baa2/BBB+ (Stable/Negative)

Trade Date:

December 4, 2007

Settlement Date (T+5):

December 11, 2007

Final Maturity Date:

2013 Notes:

March 15, 2013

2018 Notes:

March 15, 2018

2038 Notes:

March 15, 2038

Interest Payment Dates:

March 15 and September 15

First Interest Payment Date:

March 15, 2008

Call Provisions:

Redeemable at any time at an amount equal to the principal amount plus a make whole premium, using a discount rate of Treasury plus 0.30% in the case of the 2013 notes, 0.35% in the case of the 2018 notes, and 0.40% in the case of the 2038 notes

Coupon:

2013 Notes:

5.25%

2018 Notes:

6.00%

2038 Notes:

6.80%

Re-offer Spread to

2013 Notes:

+ 200 bps

Benchmark Treasury:

2018 Notes:

+ 215 bps

2038 Notes:

+ 245 bps

Benchmark Treasury

2013 Notes:

3.375% due November 2012: 3.281%

and Yield:

2018 Notes:

4.250% due November 2017: 3.896%

2038 Notes:

4.750% due February 2037: 4.361%

Yield to Maturity:

2013 Notes:

5.281%

2018 Notes:

6.046%

2038 Notes:

6.811%

Price to Public:

2013 Notes:

99.868%

2018 Notes:

99.663%

2038 Notes:

99.874%

Proceeds to Company

2013 Notes:

99.268%

Before Expenses:

2018 Notes:

99.013%

2038 Notes:

98.999%

CUSIP/ISIN:

2013 Notes:

893830 AR0 / US893830AR03

2018 Notes:

893830 AS8 / US893830AS85

2038 Notes:

893830 AT6 / US893830AT68

Concurrent Convertible

Senior Notes Offering:

Delivery of the senior notes is not conditioned on the concurrent offering of convertible senior notes discussed in the prospectus supplement, the terms of which have not been determined as of the date of this final term sheet.