Transocean Inc. Announces Resignation of Richard D. Kinder From Board of Directors
"During his seven-year tenure on the Transocean Board, Rich Kinder provided strong leadership and counsel through a period of rapid growth at our Company," said J. Michael Talbert, Chief Executive Officer of Transocean Inc. "His exceptional business sense and knowledge of global energy markets will be missed. We wish him well in every endeavor."
Mr. Kinder is Chairman of the Board and Chief Executive Officer of both Kinder Morgan, Inc. and Kinder Morgan Energy Partners, L.P., which own and operate diversified energy assets. He served as a Transocean Inc. director since November 1994. Transocean Inc. does not intend to fill the vacancy created by Mr. Kinder's resignation and will operate with an 11-member Board of Directors.
Transocean Inc. is the world's largest offshore drilling contractor with more than 150 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, 28 other semisubmersibles and one drillship and 54 jackup drilling rigs. Transocean Inc. 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 $10 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."
CONTACT: Transocean Inc., Houston Analyst Contact: Jeffrey L. Chastain, 713/232-7551 or Media Contact: Guy A. Cantwell, 713/232-7647