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Transocean Sedco Forex Inc. Announces Acceptance of Notes Tendered in Exchange Offer for 7.375% Notes of R&B Falcon Corporation

March 15, 2002
HOUSTON, Mar 15, 2002 (BUSINESS WIRE) -- Transocean Sedco Forex Inc. (NYSE:RIG) today announced that it has accepted all notes validly tendered (and not withdrawn) pursuant to its exchange offer for the following series of notes of its indirect wholly-owned subsidiary, R&B Falcon Corporation:

                                                      Consent Payment
                                 Aggregate Principal     Per $1,000
  Series of R&B Falcon Notes     Amount Outstanding   Principal Amount
-------------------------------  -------------------  ----------------
7.375% Notes due April 15, 2018     $250.0 million         $15.00
This exchange offer expired at Midnight, New York City time, on March 14, 2002. As of the expiration time, approximately $246.5 million of the 7.375% Notes had been validly tendered (and not withdrawn). Transocean Sedco Forex has, in accordance with the terms and conditions of the exchange offer, notified the exchange agent of its acceptance of these notes.

Transocean Sedco Forex previously completed exchange offers for R&B Falcon's 6.50% Notes due April 15, 2003, 6.75% Notes due April 15, 2005, 6.95% Notes due April 15, 2008, 9.125% Notes due December 15, 2003 and 9.50% Notes due December 15, 2008. Approximately $234.5, $342.3, $247.8 and $76.9 and $289.8 million, respectively, of these notes were exchanged.

Goldman, Sachs & Co. were the dealer managers for the exchange offers and consent solicitations.

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