Transocean Inc. Adjusts Third Quarter 2002 Diluted Earnings Per Share Up by $0.01
HOUSTON, Oct 30, 2002 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today reported that its diluted earnings per share for the three months ended September 30, 2002, released October 29, 2002, was understated by $0.01 per share. The revised net income per diluted share is $0.79 rather than $0.78 per diluted share. The company's earnings for the three months ended September 30, 2002, excluding the impact of the tax benefit and the non-cash loss due to the impairment of assets, remain $0.33 per diluted share and earnings for 2002 year to date, excluding the recognition of these items and before the cumulative effect of a change in accounting principle, remain $0.81 per diluted share. For the nine months ended September 30, 2002, the revised diluted net loss per share is $2.94 rather than $2.88 per diluted share. The revisions stem from the calculation of the dilutive effect of the company's convertible debentures. The number of fully diluted shares should have been 328.8 million and 323.0 million shares for the three months and nine months ended September 30, 2002, respectively, instead of the reported diluted shares of 334.3 and 328.6 million, respectively.
Transocean Inc. is the world's largest offshore drilling contractor with more than 150 full or partially owned and managed 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, 27 other semisubmersibles and two drillships, 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 $7 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."
TRANSOCEAN INC. AND SUBSIDIARIES Revisions to Earnings Per Share Amounts Reported in Press Release Dated October 29, 2002 (In millions, except per share data) (Unaudited) Three Months Nine Months Ended Ended September 30, September 30, ------------- -------------- 2002 2002 ------------- -------------- Diluted Earnings (Loss) Per Share Income Before Extraordinary Item and Cumulative Effect of a Change in Accounting Principle $0.79 $1.28 Loss on Extraordinary Item, net of tax - - Loss on Cumulative Effect of a Change in Accounting Principle - (4.22) Net Income (Loss) $0.79 $(2.94) Diluted Weighted Average Shares Outstanding 328.8 323.0 Diluted Earnings (Loss) Per Share Net Income (Loss) $0.79 $(2.94) Tax Benefit 0.54 0.55 Non-Cash Impairment of Certain Long Lived Assets (0.08) (0.08) Cumulative Effect of a Change in Accounting Principle - (4.22) Net Income Per Diluted Share (Excluding aforementioned items) $0.33 $0.81
Transocean Inc., Houston
Jeffrey L. Chastain, 713/232-7551
Guy A. Cantwell, 713/232-7647