Transocean and GlobalSantaFe Shareholders Vote to Approve Pending Merger
HOUSTON--(BUSINESS WIRE)--Nov. 9, 2007--Transocean Inc. (NYSE:RIG)and GlobalSantaFe Corporation (NYSE:GSF) announced that theirrespective meetings of shareholders were held today, with bothcompanies receiving the necessary shareholder approvals to completethe proposed merger of GlobalSantaFe with a wholly owned subsidiary ofTransocean and related transactions.
At Transocean's shareholders meeting, holders of ordinary sharesof Transocean approved all proposals presented at the meeting,including the reclassification of Transocean's ordinary shares, theissuance of Transocean ordinary shares to GlobalSantaFe shareholdersin the proposed merger and the amendment and restatement ofTransocean's articles and memorandum of association.
At GlobalSantaFe's shareholders meeting, holders of ordinaryshares of GlobalSantaFe approved the proposed merger.
Transocean and GlobalSantaFe currently estimate that they willcomplete the proposed transactions by the end of 2007. Thetransactions remain subject to certain regulatory clearances, theapproval of the Grand Court of the Cayman Islands and other closingconditions.
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 34High-Specification Floaters (semisubmersibles and drillships), 19Other Floaters, 25 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. With a current equity marketcapitalization in excess of $36 billion, Transocean Inc.'s ordinaryshares are traded on the New York Stock Exchange under the symbol\"RIG.\"
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.
Statements included in this news release regarding the completionof the proposed transaction, benefits, opportunities, timing andeffects of the transaction, and other statements that are nothistorical 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 the companies' joint proxystatement dated Oct. 2, 2007 and both companies' Annual Reports onForm 10-K and their respective other filings with the Securities andExchange Commission. Should one or more of these risks oruncertainties materialize (or the other consequences of such adevelopment worsen), or should underlying assumptions prove incorrect,actual outcomes may vary materially from those forecasted or expected.Both companies disclaim any intention or obligation to update publiclyor revise such statements, whether as a result of new information,future events or otherwise.
CONTACT: Transocean Inc., Houston Analyst Contact: Gregory S. Panagos, 713-232-7551 or Media Contact: Guy A. Cantwell, 713-232-7647 SOURCE: Transocean Inc.