Transocean Announces Closing of Merger with GlobalSantaFe
HOUSTON--(BUSINESS WIRE)--Nov. 27, 2007--Transocean Inc.(NYSE:RIG) announced the closing earlier today of its reclassificationand merger transaction with GlobalSantaFe Corporation.
In accordance with the terms of the merger agreement, eachoutstanding ordinary share of Transocean immediately prior to theeffective time of the merger was reclassified into (1) 0.6996Transocean ordinary shares and (2) $33.03 in cash. At the effectivetime of the merger, each outstanding ordinary share of GlobalSantaFewas exchanged for (1) 0.4757 Transocean ordinary shares (after givingeffect to the reclassification) and (2) $22.46 in cash. Followingthese transactions, there will be a total of approximately 316 millionoutstanding ordinary shares of Transocean. The shares of Transoceanwill continue to be listed on the New York Stock Exchange under thetrading symbol \"RIG\" and the ordinary shares of GlobalSantaFe will nolonger be listed.
Transocean Inc. is the world's largest offshore drillingcontractor and the leading provider of drilling management servicesworldwide. With a fleet of 140 mobile offshore drilling units pluseight ultra-deepwater units under construction, the company's fleet isconsidered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. The company owns or operates a contract drillingfleet of 39 High-Specification Floaters (Ultra-Deepwater, Deepwaterand Harsh-Environment Semisubmersibles and Drillships), 29 OtherFloaters, 68 Jackups and four other assets utilized in the support ofoffshore drilling activities worldwide. With a current equity marketcapitalization in excess of $43 billion, Transocean Inc.'s ordinaryshares are traded on the New York Stock Exchange under the symbol\"RIG.\"
CONTACT: Transocean Inc., Houston
Gregory S. Panagos, 713-232-7551
Guy A. Cantwell, 713-232-7647
SOURCE: Transocean Inc.