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Transocean Sedco Forex Reports Rescue of Crew of Survey-and-Recovery Vessel ALOHA

February 8, 2002
HOUSTON, Feb 8, 2002 (BUSINESS WIRE) -- Transocean Sedco Forex Inc. (NYSE:RIG) today announced that its drillship, Peregrine III, has safely rescued the nine-member crew of the survey-and-recovery vessel ALOHA, which was lost at sea about 100 nautical miles northeast of Cozumel while under way to a historical and bullion wreck. The ALOHA reported that it had lost power and was taking on water on Thursday, February 7. Also responding were a German container vessel, MV Libra Houston, and a Norwegian cruise ship, Rhapsody At Sea. The ALOHA crewmembers, including four U.S. citizens and five Philipinos, were taken aboard the Peregrine III from an ALOHA life raft. No medical problems were reported among the rescued crewmembers.

The ALOHA, a dynamically positioned ROV (remotely operated vehicle) survey ship, belongs to Deepsea International (DSI). "As the managing director of DSI, I am sorry to see the loss of our ALOHA, grateful for the spared lives of its crew, and proud to be a stockholder of Transocean Sedco Forex, a company we owe a great deal of gratitude in responding to our situation," said Eric Galerne, who was onboard the ALOHA and is now aboard the Peregrine III.

Captain Mike Moore, Chief of Search and Rescue for the Seventh U.S. Coast Guard District in Miami, wrote in an email to Peregrine III Captain Ron MacDonald: "You and your crew are commended for the humanitarian assistance displayed during your rescue of nine crewmembers from the research vessel ALOHA ... Your quick recovery of the survivors and timely notification to Coast Guard rescue coordinators resulted in saving nine lives. The professional actions demonstrated by you and your crew are appreciated. Well done."

Added Tim Juran, North America Region Manager for Transocean Sedco Forex: "We are, indeed, proud of Captain MacDonald and the well-trained Peregrine III crew for helping avert the loss of life at sea."

Transocean Sedco Forex Inc. is the world's largest offshore drilling contractor with more than 160 fully or partially owned or operated 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 31 high-specification semisubmersibles and drillships, 29 other semisubmersibles and one drillship (other floaters), and 54 jackup drilling rigs, of which 28 are located in the U.S. Gulf of Mexico. Transocean Sedco Forex 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 $9 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

CONTACT:          Transocean Sedco Forex Inc., Houston
                  Analyst Contact:   
                  Jeffrey L. Chastain, 713/232-7551 
                  or
                  Media Contact:     
                  Guy A. Cantwell, 713/232-7647