Transocean and GlobalSantaFe Announce Court Approval and Tentative Closing Date for Pending Merger
HOUSTON--(BUSINESS WIRE)--Nov. 20, 2007--Transocean Inc.(NYSE:RIG) and GlobalSantaFe Corporation (NYSE:GSF) announced thatthey received approval today from the Grand Court of the CaymanIslands of the proposed merger of GlobalSantaFe with a wholly ownedsubsidiary of Transocean and related transactions. The parties havetentatively scheduled to complete the transactions on Nov. 27, 2007.The proposed merger remains the subject of an investigation by theOffice of Fair Trading for the United Kingdom (OFT), and the tentativeclosing date remains subject to various closing conditions.
Transocean and GlobalSantaFe expect that prior to Nov. 27, 2007,the OFT will announce its decision whether the merger raisescompetitive issues that could, in the absence of appropriateundertakings by the parties, warrant a reference to the CompetitionCommission of the United Kingdom (Competition Commission) for furtherreview. There can be no assurance at this time (a) as to whether theOFT will refer the merger to the Competition Commission, (b)concerning the timing of any such referral decision or (c) as towhether any divestitures or other undertakings will be required by theOFT in order to avoid such a referral or by the Competition Commissionin the event the merger is referred.
Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 81 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), 19Other Floaters, 25 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. The company also has sixHigh-Specification Drillships under construction. With a currentequity market capitalization in excess of $34 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe 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
Gregory S. Panagos, 713-232-7551
Guy A. Cantwell, 713-232-7647
SOURCE: Transocean Inc.