Transocean Inc. Reports Changes to Its Board of Directors
HOUSTON--(BUSINESS WIRE)--Oct. 14, 2004--Transocean Inc. (NYSE:RIG) today announced that J. Michael Talbert will end his active employment status with the company, effective October 14, 2004, but will continue to serve as Chairman of the Board of Transocean Inc. Mr. Talbert had served as Chairman of the Board in an executive capacity since October 2002. He is a past President and Chief Executive Officer of the company and has served on the company's Board of Directors since 1994.
In addition, the company announced that Paul B. Loyd, Jr. has submitted his resignation from the company's Board of Directors, citing personal reasons. Mr. Loyd's resignation is effective October 14, 2004. Mr. Loyd joined the Transocean Inc. Board of Directors in 2001, following the company's acquisition of R&B Falcon Corporation, where he served as Chairman and Chief Executive Officer.
Transocean Inc. is the world's largest offshore drilling contractor with full or partial ownership in 94 mobile offshore drilling units, excluding the 70-rig fleet of TODCO, a publicly traded company in which Transocean Inc. owns a majority voting 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 $11 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.