Transocean Inc. Shareholders Approve Proposal to Change Place of Incorporation
December 8, 2008
HOUSTON, Dec. 8, 2008 (GLOBE NEWSWIRE) -- Transocean Inc. (NYSE:RIG) announced that a meeting of shareholders was held today, with the company receiving the necessary shareholder approval to complete the proposed change of place of incorporation of its group holding company from the Cayman Islands to Switzerland (the "Transaction").
The company currently estimates that it will complete the Transaction on December 18, 2008. The Transaction remains subject to the approval of the Grand Court of the Cayman Islands at a hearing scheduled to be held on December 16, 2008 and other closing conditions.
Transocean Inc. is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 136 mobile offshore drilling units plus 10 announced ultra-deepwater newbuild units, 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, 54 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide. Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG." For more information about Transocean, please visit www.deepwater.com.
The Transocean Inc. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2252
Statements included in this news release regarding the completion of the Transaction, timing and effects of the Transaction and other statements that are not historical facts, are forward-looking statements. These statements involve risks and uncertainties including, but not limited to, court approval, actions by regulatory authorities or other third parties, satisfaction of closing conditions, delays, costs and difficulties related to the Transaction, market conditions, availability of credit, the company's financial results and performance and other factors detailed in risk factors and elsewhere in the company's definitive proxy statement dated October 31, 2008, Annual Report on Form 10-K for 2007 and Quarterly Reports on Form 10-Q for the quarters ended March 31, 2008, June 30, 2008 and September 30, 2008 and its other filings with the SEC. Should one or more of these risks or uncertainties materialize (or the other consequences of such a development worsen), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. The company disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.
CONTACT: Transocean Inc.
Gregory S. Panagos
Guy A. Cantwell