Transocean Inc. Shareholders Approve All Proposals at Annual General Meeting
HOUSTON--(BUSINESS WIRE)--May 13, 2004--At the company's Annual General Meeting held today, shareholders of Transocean Inc. (NYSE:RIG) reelected Robert L. Long, Martin B. McNamara and J. Michael Talbert as Class II directors. Shareholders also elected Robert M. Sprague as a Class II director. Mr. Sprague is a retired executive of the Royal Dutch / Shell group of companies which he joined in 1967. He most recently held the position of Regional Business Director of Shell EP International BV until his retirement in June 2003. The Class II directors will serve three-year terms.
In addition, shareholders approved the company's proposed amendment to its Long-Term Incentive Plan and the appointment of Ernst and Young LLP as independent auditors for 2004.
Transocean Inc. is the world's largest offshore drilling contractor with full or partial ownership in 95 mobile offshore drilling units, excluding the 70-rig fleet of TODCO, a publicly traded drilling company in which Transocean Inc. owns a majority interest. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business, including industry-leading positions in high-specification deepwater and harsh environment drilling units. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 25 Other Floaters, 26 Jackup Rigs and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $8 billion, Transocean Inc.'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 SOURCE: Transocean Inc.