Transocean Inc. Announces Resignation of Ronald L. Kuehn, Jr. from Board of Directors
Mr. Kuehn is the recently named Chairman and Chief Executive Officer of El Paso Corporation, a diversified natural gas company. Mr. Kuehn informed the Company that his resignation would allow him to devote additional time to his El Paso duties and would avoid the appearance of conflicts of interest that could arise as a result of the recent appointment to El Paso's board of directors of J. Michael Talbert, Transocean's Chairman. Mr. Kuehn has served on the board of directors of Transocean Inc. and its predecessor companies since 1975.
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 other drillships, and 55 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 $6 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."
Transocean Inc., Houston
Jeffrey L. Chastain, 713/232-7551
Guy A. Cantwell, 713/232-7647