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Transocean Inc. and GlobalSantaFe Corporation to Hold Shareholder Meetings to Vote on Merger

October 1, 2007
HOUSTON, Oct 01, 2007 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) and GlobalSantaFe Corporation(NYSE:GSF) today announced that they will hold separate meetings oftheir shareholders on Nov. 9, 2007, in connection with the proposedmerger between the two companies. Transocean shareholders will beasked to approve the reclassification of its ordinary shares, theissuance of its ordinary shares to GlobalSantaFe shareholders in themerger and the amendment of Transocean's memorandum and articles ofassociation to, among other things, increase the number of directorsconstituting its board of directors to 14 from 13, provide for certaincorporate governance provisions during the two-year period followingthe completion of the transactions, and make technical, updating andother changes. GlobalSantaFe shareholders will be asked to approve themerger.

Each meeting will be held at the Grand Cayman Marriott, GrandCayman, Cayman Islands, at 1:00 p.m. local time (12:00 p.m. CST / 1:00p.m. EST). If the requisite approvals of the shareholders ofTransocean and GlobalSantaFe are received, then, in accordance withCayman Islands law, the Grand Court of the Cayman Islands will hold ahearing, at which shareholders may appear, on Nov. 20, 2007, toapprove the transactions. The proposed transactions are expected toclose following court approval, receipt of regulatory clearances andthe satisfaction of other specified closing conditions. Transocean andGlobalSantaFe currently estimate that they will complete thetransaction by the end of 2007.

A joint proxy statement for the respective shareholders' meetingsis expected to be mailed on or about Oct. 5, 2007, to all shareholdersof Transocean and GlobalSantaFe as of Oct. 1, 2007, the record datefor each company's shareholder meeting.

About Transocean

Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 82 mobile offshore drilling units. Thecompany's mobile offshore drilling fleet, consisting of a large numberof high-specification deepwater and harsh environment drilling units,is considered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. The company's fleet consists of 33High-Specification Floaters (semisubmersibles and drillships), 20Other Floaters, 25 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. The company also has contractsfor the construction of four newbuild enhanced Enterprise-classdrillships. With a current equity market capitalization in excess of$32 billion, Transocean's ordinary shares are traded on the New YorkStock Exchange under the symbol \"RIG.\" For more information aboutTransocean, please visit http://www.deepwater.com.

About GlobalSantaFe

GlobalSantaFe is one of the largest offshore oil and gas drillingcontractors and the leading provider of drilling management servicesworldwide. The company owns or operates a contract drilling fleet of37 premium jackup rigs; six heavy-duty, harsh environment jackups; 11semisubmersibles and three dynamically positioned, ultra-deepwaterdrillships, as well as two semisubmersibles owned by third parties andoperated under a joint venture agreement. In addition, it is scheduledto take delivery of a new ultra-deepwater semisubmersible in 2009 anda new ultra-deepwater drillship in 2010. For more information aboutGlobalSantaFe, go to http://www.globalsantafe.com.

Forward-Looking Statements

Statements included in this news release regarding theconsummation of the proposed transactions, benefits, opportunities,timing and effects of the transactions, and other statements that arenot historical facts, are forward-looking statements. These statementsinvolve risks and uncertainties including, but not limited to, actionsby regulatory authorities or other third parties, consummation offinancing, satisfaction of closing conditions, and other factorsdetailed in risk factors and elsewhere in both companies' AnnualReports on Form 10-K and their respective other filings with theSecurities and Exchange Commission (the \"SEC\"). Should one or more ofthese risks or uncertainties materialize (or the other consequences ofsuch a development worsen), or should underlying assumptions proveincorrect, actual outcomes may vary materially from those forecastedor expected. Both companies disclaim any intention or obligation toupdate publicly or revise such statements, whether as a result of newinformation, future events or otherwise.

Important Additional Information Regarding the Transactions WillBe Filed with the SEC

In connection with the proposed transactions, Transocean andGlobalSantaFe have filed a preliminary joint proxy statement and planto file a definitive joint proxy statement with the SEC. INVESTORS ANDSECURITY HOLDERS ARE ADVISED TO READ THE PRELIMINARY JOINT PROXYSTATEMENT AND THE DEFINITIVE JOINT PROXY STATEMENT WHEN IT ISFINALIZED AND DISTRIBUTED TO SHAREHOLDERS BECAUSE THEY CONTAIN, ORWILL CONTAIN IMPORTANT INFORMATION ABOUT THE TRANSACTIONS AND THEPARTIES TO THE TRANSACTIONS. Investors and security holders may obtaina free copy of the preliminary joint proxy statement, the definitivejoint proxy statement (when available) and other relevant documentsfiled with the SEC from the SEC's website at http://www.sec.gov.Security holders and other interested parties are also able to obtain,without charge, a copy of the documents filed by Transocean orGlobalSantaFe by directing a request by mail or telephone to eitherInvestor Relations, Transocean, 4 Greenway Plaza, Houston, Texas77046, telephone 713-232-7694, or Investor Relations, GlobalSantaFe,15375 Memorial Drive, Houston, Texas 77079, 281-925-6444.

Transocean and GlobalSantaFe and their respective directors,executive officers and certain other members of management may bedeemed to be participants in the solicitation of proxies from theirrespective shareholders with respect to the transactions. Informationabout these persons is set forth in Transocean's and GlobalSantaFe'spreliminary joint proxy statement previously filed with the SEC andwill be set forth in the definitive joint proxy statement.Shareholders and investors may obtain additional information regardingthe interests of such persons, which may be different than those ofthe respective companies' shareholders generally, by reading thepreliminary joint proxy statement and the definitive joint proxystatement (when available) and other relevant documents regarding thetransaction, which will be filed with the SEC.

SOURCE: Transocean Inc.

Transocean, Inc., Houston
Analyst Contacts:
Transocean: Gregory S. Panagos, 713-232-7551
or
GlobalSantaFe: Richard Hoffman, 281-925-6441
or
Media Contacts:
Transocean: Guy A. Cantwell, 713-232-7647
or
GlobalSantaFe: Jeff Awalt, 281-925-6448