Transocean Inc. Agrees to Sell Three U.S. GoM Jackups
HOUSTON--(BUSINESS WIRE)--Feb. 15, 2008--Transocean Inc.(NYSE:RIG) today announced that it has entered into a definitiveagreement with Hercules Offshore, Inc. (Nasdaq:HERO) to sell three ofits U.S. Gulf of Mexico jackup drilling rigs and related equipment for$320 million. The sales of the GSF Adriatic III, GSF High Island I andGSF High Island VIII will mark Transocean's exit from theshallow-water area of the U.S. Gulf of Mexico. The sales are expectedto be consummated at the conclusion of each rig's current contractcommitment and are subject to customary closing conditions, includingregulatory approvals. The agreement has been approved by the Boards ofDirectors of both companies.
\"This agreement is consistent with our practice of sellingnon-strategic assets at favorable prices,\" said Transocean Inc. CEOBob Long. \"These rig sales will take us out of the shallow-water areaof the U.S. Gulf of Mexico and will allow us to redeploy our people tomore strategic assets.\"
Built in 1982, the GSF Adriatic III is a Marathon LeTourneau 116Cdesign jackup with a water depth capability of 350 feet. Built in 1979and 1981, respectively, the GSF High Island I and the GSF High IslandVIII are Marathon LeTourneau 82-SDC design jackups with a water depthcapability of up to 250 feet.
Statements included in this news release regarding theconsummation of the proposed transaction, regulatory approvals,redeployment of crews, price, our strategy, and other statements thatare not historical facts, are forward-looking statements. Thesestatements involve risks and uncertainties including, but not limitedto, approvals by regulatory authorities or other third parties,conclusion of contract commitments, terms of the agreement,satisfaction of closing conditions, and other factors detailed in riskfactors and elsewhere in the company's Annual Report on Form 10-K andother filings with the Securities and Exchange Commission. Should oneor more of these risks or uncertainties materialize (or the otherconsequences of such a development worsen), or should underlyingassumptions prove incorrect, actual outcomes may vary materially fromthose forecasted or expected. The company disclaims any intention orobligation to update publicly or revise such statements, whether as aresult of new information, future events or otherwise, except asrequired by law.
Transocean Inc. is the world's largest offshore drillingcontractor and the leading provider of drilling management servicesworldwide. With a fleet of 139 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, 29 Midwater Floaters, 67Jackups and four other assets utilized in the support of offshoredrilling activities worldwide. With a current equity marketcapitalization of approximately $40 billion, Transocean Inc.'sordinary shares are traded on the New York Stock Exchange under thesymbol \"RIG.\"
CONTACT: Transocean Inc., Houston
Gregory S. Panagos, 713-232-7551
Guy A. Cantwell, 713-232-7647
SOURCE: Transocean Inc.