Transocean Inc. Reports

Fourth Quarter 2008 Results

Exhibit 99.2

Chart #1: Average Contracted Dayrate by Rig Type

Qtr 1 2009 through Qtr 4 2009 (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.

Midwater

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 Report as of February 3,

2009. Includes firm contracts only.

Average

Dayrate

Definitions

417

400

393

388

335

351

323

316

160

160

159

159

$50k

$100k

$150k

$200k

$250k

$300k

$350k

$400k

$450k

Qtr 1 09

Qtr 2 09

Qtr 3 09

Qtr 4 09

High Specification Floaters

Other Floaters

Jackups

(Remaining)

Chart #2: Out-of-Service Rig Months

Qtr 1 2008 through Qtr 4 2009 (Unaudited)

Refers to periods during which a rig is out of

service as a result of contract preparation, other

planned shipyards, surveys, repairs, regulatory

inspections or other planned service or work on

the rig excluding reactivations and upgrades.

Shipyard

Includes the Sedco 702 and the Sedco 706 which

have undergone or are undergoing shipyard

project to enhance the operational capabilities.

Upgrade

Includes mobilization and demobilization to and

from operating contracts and other activities such

as shipyards excluding those mobilization and

demobilization

periods covered in Upgrade.

Mobilization

Time when a rig is not available to earn an

operating dayrate due to shipyard, mobilization,

and 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 Report as of February

3, 2009. Also includes out of service time of less

than 14 days that is not disclosed in the Fleet

Status Report.

Rig Months

Definitions

13

33

20

19

16

23

27

21

7

4

7

7

4

1

1

2

6

3

3

3

-

-

3

1

-

5

10

15

20

25

30

35

40

45

50

Qtr 1 - 08A

Qtr 2 - 08A

Qtr 3 - 08A

Qtr 4 - 08A

Qtr 1 - 09F

Qtr 2 - 09F

Qtr 3 - 09F

Qtr 4 - 09F

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

Shipyard

Mobilization

Upgrade

26

40

30

29

23

25

28

23

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

(Unaudited)

$23

$38

$44

$81

$185

$205

$250

$203

$82

$79

$86

$171

$145

$173

$195

$182

$419

$474

$488

$599

$762

$809

$867

$946

$45

$36

$44

$73

$65

$177

$114

$77

$-

$200 MM

$400 MM

$600 MM

$800 MM

$1,000 MM

$1,200 MM

$1,400 MM

$1,600 MM

Qtr1'07

Qtr2'07

Qtr3'07

Qtr4'07

Qtr1'08

Qtr2'08

Qtr3'08

Qtr4'08

Period

Non Drilling Services and Oil & Gas $

Support Costs $

Operating Rig $

Out of Service $

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 Unit 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

or

common

support

costs),

as

defined

below.

Operating Rig

All shorebase

or common support costs such as on-shore

offices, yards, pool equipment.

Comprises of Integrated Services, Drilling Management

Services, Oil and Gas Properties.

Support Costs

Non Drilling

Services

Definitions

$1,426

$1,36

$1,157

$924

$662

$627

$569

$1,408

Chart #4: Contract Backlog by Client Rating

(Unaudited)

Total

Contract

Backlog

(1)

=

$38.7

Billion

(1)

Calculated by multiplying the contracted operating dayrate by the firm contract period from February 3, 2009 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.

(2)

Other includes non-investment grade and unrated companies

A Rated

Other Investment Grade

Other

A Rated –

61%

Other

(2)

–

6%

Other

Investment

Grade

–

33%

Chart #5: Free Cash Flow Backlog and Debt Maturities

(Unaudited)

Total

Free

Cash

Flow

Backlog

(1)

=

$17.6

Billion

(1)

Defined as Revenue Backlog, plus Firm Mob Revenue for contracts not started, less Opex and overhead, less Firm Mob costs, less Firm Sustaining

CAPEX, less all future newbuild CAPEX (including capital lease commitments), and upgrade CAPEX

(2)

Total Debt as of February 16, 2009

Total Free Cash Flow Backlog

$17.6 B

Total Debt

(2)

$13.8 B

Difference

$3.8 B

0.4

4.2

2.5

2.3

0.9

1.5

2.0

2.7

4.2

3.9

2.8

2.1

1.9

0.0

1.0

2.0

3.0

4.0

5.0

2009

2010

2011

2012

2013

2014-2019

2020-2038

(US$ Billions)

Scheduled Debt Maturities

Free Cash Flow Backlog