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Transocean Inc. Reports Fourth Quarter and Full-Year 2007 Results

February 20, 2008

HOUSTON--(BUSINESS WIRE)--Feb. 20, 2008--Transocean Inc.(NYSE:RIG) today reported net income for the three months endedDecember 31, 2007 of $1,056 million, or $4.17 per diluted share, onrecord quarterly revenues of $2,077 million. The results compare tonet income of $621 million, or $2.92 per diluted share, on revenues of$1,186 million, for the three months ended December 31, 2006.

On November 27, 2007, Transocean Inc. merged with GlobalSantaFeCorporation (the \"Merger\") and reclassified our ordinary shares intocash and shares (the \"Reclassification\"). Reported results for thefourth quarter and full year 2007 included approximately one monthfrom GlobalSantaFe's operations and the impact of recordingGlobalSantaFe's assets and liabilities at fair market value asrequired by generally accepted accounting principles.

Fourth quarter 2007 results include after-tax income of $194million, or $0.77 per diluted share, comprised of the following:

    --  $233 million gain resulting from the sale of the Peregrine I        drillship;    --  $36 million benefit for discrete tax items;    --  $8 million loss resulting from the retirement of debt; and    --  $67 million of Merger-related compensation costs.

Diluted earnings per share for the fourth quarter 2007 is based ona weighted average diluted share count of 254 million shares, whichincluded the effect of restating the historical share count for theReclassification. The weighted average diluted share count for thequarter without restatement would have been 309(1) million shares. Netincome for the three months ended December 31, 2006 included after-taxgains of $260 million, or $1.22 per diluted share, resulting primarilyfrom the sale of two rigs, other income recognized from the taxsharing agreement with TODCO and a tax benefit for discrete items.Diluted earnings per share for the fourth quarter 2006 is based on aweighted average diluted share count of 213 million shares, whichincludes the effect of restating the historical diluted share countfor the Reclassification.

For the year ended December 31, 2007, net income totaled $3,131million, or $14.14 per diluted share, on revenues of $6,377 million.For 2006, net income was $1,385 million, or $6.10 per diluted share,on revenues of $3,882 million. Results for 2007 included after-taxincome of $563 million, or $2.54 per diluted share, including $369million recognized during the first nine months of 2007 relating topayments received under the TODCO tax sharing agreement, rig sales anddiscrete tax items plus the $194 million recognized during the fourthquarter. Net income for the year ended December 31, 2006 includedafter-tax income totaling $451 million, or $1.97 per share, resultingfrom the sale of eight rigs and the TODCO tax sharing agreement anddiscrete tax items. Diluted earnings per share for the full year 2007is based on a weighted average diluted share count of 222 millionshares which includes the effect of restating the historical sharecount for the Reclassification. The weighted average diluted sharecount for 2007 without restatement would have been 303(1) millionshares.

Robert L. Long, Chief Executive Officer of Transocean Inc.,stated, \"This past year was historic for Transocean. It was a recordyear in terms of financial, operational and safety performance, and weentered 2008 with a record-high revenue backlog. By merging withGlobalSantaFe, we transformed the company and now have a larger globalfootprint and more extensive technical capabilities. We alsorecapitalized the company and returned $15.0 billion in cash toTransocean and GlobalSantaFe shareholders.\"

Operations Quarterly Review

Revenues for the three months ended December 31, 2007 increased35.1 percent to $2,077 million, compared to revenues of $1,538 millionduring the three months ended September 30, 2007. Of the $539 millionquarter-to-quarter increase, $481 million was related to the inclusionof one month's revenues from GlobalSantaFe including $88 million ofnon-cash contract intangible revenue. The remaining $58 million of thetotal increase was primarily due to a higher average dayrate forTransocean, which rose 2.0 percent to $224,000 from $219,700 for theprior quarter. The increase in average dayrate was experienced acrossall rig categories, primarily as a result of rigs commencing newcontracts at the higher prevailing current dayrates.

Operating and maintenance expenses were $923 million compared to$663 million for the prior quarter, an increase of $260 million.GlobalSantaFe's operations represented $151 million of the increase.Of the remaining $109 million increase, $59 million was formerger-related compensation costs and $28 million was for plannedshipyards, maintenance and fleet-wide compensation increases and theremainder for discrete unplanned major projects and the impact of theweakening U.S. dollar.

Depreciation, depletion and amortization increased to $195 millionversus $103 million in the third quarter of 2007. GlobalSanteFe'soperations accounted for all of this increase.

General and administrative expenses increased to $60 millioncompared to $27 million in the prior quarter. GlobalSantaFe'soperations accounted for $4 million of the increase, and $23 millionwas for merger-related expenses.

For the fourth quarter of 2007, the pretax gain from the disposalof assets, net, was $254 million compared to $8 million in the thirdquarter of 2007, primarily related to the sale of the Peregrine I.

For the fourth quarter of 2007, operating income before generaland administrative expenses totaled $1,213 million, a 55.5 percentincrease from $780 million reported for the third quarter of 2007. The$433 million increase included $237 million from GlobalSantaFe'soperations, partially offset by $59 million in merger-relatedcompensation expenses. The remainder of the increase was related tothe legacy Transocean operations, primarily due to an increase inrevenues and an increase in the gain from the disposal of assets,partially offset by the above-described increase in operating andmaintenance expenses.

Field operating income(2) (defined as revenues less operating andmaintenance expenses) for the fourth quarter 2007 increased 31.9percent to $1,154 million compared to $875 million for the thirdquarter of 2007. The $279 million increase in field operating incomeincluded $330 million related to the inclusion of GlobalSantaFe,partially offset by $59 million of merger-related compensationexpenses. Higher legacy Transocean revenues from increased dayrateswere offset by increased operating and maintenance expense.

Liquidity and Interest Expense

Interest expense, net of amounts capitalized for the fourthquarter of 2007, increased to $79 million compared to $23 million inthe third quarter of 2007. The increase was primarily related toincreased borrowings incurred on November 27, 2007, which were used tofund the $15.0 billion in cash payments to shareholders of bothcompanies associated with the Reclassification and Merger. Theincrease in net interest expense was partially offset by an increasein capitalized interest related to the six legacy Transocean and twolegacy GlobalSantaFe ultra-deepwater rigs under construction.

Cash flow from operating activities increased to $915 million forfourth quarter of 2007 compared to $897 million for the third quarter2007. For the full year 2007, cash flow from operating activitiestotaled $3,073 million compared to $1,237 million for 2006. As ofDecember 31, 2007, total debt was $17.3 billion, an increase of $14.7billion from September 30, 2007.

Effective Tax Rate

The company's Annual Effective Tax Rate(3) for the year endedDecember 31, 2007 was 12.5 percent, excluding the impact on incomebefore income tax related to the gains from rig sales and paymentsreceived under the TODCO tax sharing agreement as well as excludingfrom income tax expense various discrete tax items. The Effective TaxRate(4) of 2.1 percent for the fourth quarter of 2007 reflects theimpact of rig sales and a $36 million favorable impact resulting fromchanges in estimates and resolution of prior years' tax disputes invarious jurisdictions.

Conference Call Information

Transocean will conduct a teleconference call at 10:00 a.m.Eastern on February 20, 2008. To participate, dial 913-312-1493 andrefer to confirmation code 8219413 approximately five to 10 minutesprior to the scheduled start time of the call.

In addition, the conference call will be simultaneously broadcastover the Internet in a listen-only mode and can be accessed by loggingonto the company's website at www.deepwater.com and selecting\"Investor Relations/News & Events/Webcasts & Presentations.\" A filecontaining four charts to be discussed during the conference call,titled \"4Q07 Charts,\" has been posted to the company's website and canalso be found by selecting \"Investor Relations/News & Events/Webcasts& Presentations.\" The conference call may also be accessed via theInternet at www.CompanyBoardroom.com by typing in the company's NewYork Stock Exchange trading symbol, \"RIG.\"

A telephonic replay of the conference call should be availableafter 1:00 p.m. Eastern on February 20, 2008 and can be accessed bydialing 719-457-0820 and referring to the passcode 8219413. Also, areplay will be available through the Internet and can be accessed byvisiting either of the above-referenced Worldwide Web addresses.

Forward-Looking Disclaimer

Statements regarding our Annual Effective Tax Rate, as well as anyother statements that are not historical facts in this release, areforward-looking statements that involve certain risks, uncertaintiesand assumptions. These include but are not limited to operatinghazards and delays, risks associated with international operations,future financial results, actions by customers and other thirdparties, factors affecting the supply and demand of drilling rigs,including newbuilds, reactivations and the reallocation of currentrigs, factors affecting the duration of contracts includingwell-in-progress provisions, the actual amount of downtime, factorsresulting in reduced applicable dayrates, hurricanes and other weatherconditions, the future price of oil and gas and other factors detailedin the company's most recent Form 10-K and other filings with theSecurities and Exchange Commission. Should one or more of these risksor uncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.

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 (Ultra-Deepwater, Deepwaterand Harsh-Environment semisubmersibles and drillships), 29 MidwaterFloaters, 10 High-Specification Jackups, 57 Standard Jackups and otherassets utilized in the support of offshore drilling activitiesworldwide. With a current equity market capitalization ofapproximately $41 billion, Transocean Inc.'s ordinary shares aretraded on the New York Stock Exchange under the symbol \"RIG.\"

(1) The weighted average diluted share count for the quarterwithout restatement is calculated by assuming the Transocean sharecount without the effect of the Reclassification for October 2007 andNovember 2007 and with the effect of the Reclassification for December2007. The weighted average diluted share count for 2007 withoutrestatement is calculated by assuming the Transocean share countwithout the effect of the Reclassification for January 2007 throughNovember 2007 and with the effect of the Reclassification for December2007.

(2) For a reconciliation of operating income before general andadministrative expense to field operating income, see the accompanyingschedule entitled \"Non-GAAP Financial Measures and Reconciliations -Operating Income Before General and Administrative Expense to FieldOperating Income.\"

(3) Annual Effective Tax Rate is defined as income tax expenseexcluding various discrete items (such as changes in estimates and taxon items excluded from income before income taxes) divided by incomebefore income taxes excluding gains on sales and similar itemspursuant to Financial Accounting Standards Board Interpretation No.18. See the accompanying schedule entitled \"Supplemental Effective TaxRate Analysis.\"

(4) Effective Tax Rate is defined as income tax expense divided byincome before income taxes. See the accompanying schedule entitled\"Supplemental Effective Tax Rate Analysis.\"

                   TRANSOCEAN INC. AND SUBSIDIARIES                CONSOLIDATED STATEMENTS OF OPERATIONS                 (In millions, except per share data)                             (Unaudited)                               Three months ended  Twelve months ended                                  December 31,        December 31,                               ------------------- -------------------                                 2007      2006      2007      2006                               --------- --------- --------- ---------Operating revenues  Contract drilling revenues   $  1,860  $  1,147  $  5,948  $  3,745  Contract intangible revenues       88         -        88         -  Other revenues                    129        39       341       137----------------------------------------------------------------------                                  2,077     1,186     6,377     3,882----------------------------------------------------------------------Costs and expenses  Operating and maintenance         923       570     2,781     2,155  Depreciation, depletion and   amortization                     195        98       499       401  General and administrative         60        23       142        90----------------------------------------------------------------------                                  1,178       691     3,422     2,646----------------------------------------------------------------------Gain from disposal of assets, net                                254       183       284       405----------------------------------------------------------------------Operating income                  1,153       678     3,239     1,641----------------------------------------------------------------------Other income (expense), net  Interest income                    13         7        30        21  Interest expense, net of   amounts capitalized              (79)      (43)     (172)     (115)  Loss on retirement of debt         (8)        -        (8)        -  Other, net                          -        51       295        60----------------------------------------------------------------------                                    (74)       15       145       (34)----------------------------------------------------------------------Income before income tax expense                          1,079       693     3,384     1,607Income tax expense                   23        72       253       222----------------------------------------------------------------------Net income                     $  1,056  $    621  $  3,131  $  1,385======================================================================Earnings per share  Basic                        $   4.27  $   3.04  $  14.65  $   6.32  Diluted                      $   4.17  $   2.92  $  14.14  $   6.10======================================================================Weighted average shares outstanding  Basic                             247       204       214       219  Diluted                           254       213       222       228======================================================================
                   TRANSOCEAN INC. AND SUBSIDIARIES                     CONSOLIDATED BALANCE SHEETS                   (In millions, except share data)                                                      December 31,                                                   -------------------                                                     2007      2006                                                   --------- ---------                      ASSETSCash and cash equivalents                          $  1,241  $    467Accounts receivable, net  Trade                                               2,209       929  Other                                                 161        17Materials and supplies, net                             333       160Deferred income taxes, net                              119        16Other current assets                                    233        67----------------------------------------------------------------------Total current assets                                  4,296     1,656----------------------------------------------------------------------Property and equipment                               24,545    10,539Less accumulated depreciation                         3,615     3,213------------------------------------------------------------ ---------  Property and equipment, net                        20,930     7,326----------------------------------------------------------------------Goodwill                                              8,219     2,195Other assets                                            919       299----------------------------------------------------------------------Total assets                                       $ 34,364  $ 11,476======================================================================       LIABILITIES AND SHAREHOLDERS' EQUITYAccounts payable                                   $    805  $    477Accrued income taxes                                     99        98Debt due within one year                              6,172        95Other current liabilities                               826       369----------------------------------------------------------------------Total current liabilities                             7,902     1,039----------------------------------------------------------------------Long-term debt                                       11,085     3,203Deferred income taxes, net                              681        54Other long-term liabilities                           2,125       340----------------------------------------------------------------------Total long-term liabilities                          13,891     3,597----------------------------------------------------------------------Commitments and contingenciesMinority interest                                         5         4Preference shares, $0.10 par value; 50,000,000 shares authorized, none issued and outstanding           -         -Ordinary shares, $0.01 par value; 800,000,000 shares authorized, 317,222,909 and 204,609,973 shares issued and outstanding at December 31, 2007 and 2006, respectively                              3         2Additional paid-in capital                           10,799     8,045Accumulated other comprehensive loss                    (42)      (30)Retained earnings (accumulated deficit)               1,806    (1,181)----------------------------------------------------------------------Total shareholders' equity                           12,566     6,836----------------------------------------------------------------------Total liabilities and shareholders' equity         $ 34,364  $ 11,476======================================================================
                   TRANSOCEAN INC. AND SUBSIDIARIES                CONSOLIDATED STATEMENTS OF CASH FLOWS                            (In millions)                             (Unaudited)                               Three months ended  Twelve months ended                                  December 31,        December 31,                               ------------------- -------------------                                 2007      2006      2007         2006                               --------- --------- --------- ---------Cash flows from operating activities  Net income                   $  1,056  $    621  $  3,131  $  1,385  Adjustments to reconcile net   income to net cash provided   by operating activities    Amortization of drilling     contract intangibles           (88)       --       (88)       --    Depreciation, depletion     and amortization               195        98       499       401    Share-based compensation     expense                         48         7        78        20    Gain from disposal of     assets, net                   (254)     (183)     (284)     (405)    Deferred income taxes           (42)      (41)      (40)      (23)    Deferred revenue, net            34        20        52        52    Deferred expenses, net          (38)      (14)      (55)     (109)    Other, net                       10        (1)       18       (15)  Changes in operating assets   and liabilities                   (6)       (3)     (238)      (69)----------------------------------------------------------------------Net cash provided by operating activities                         915       504     3,073     1,237----------------------------------------------------------------------Cash flows from investing activities  Capital expenditures             (320)     (166)   (1,380)     (876)  Consideration paid to   GlobalSantaFe shareholders    (5,129)       --    (5,129)       --  Cash balances acquired in   connection with the Merger       695        --       695        --  Proceeds from disposal of   assets, net                      317       163       379       461  Joint ventures and other   investments, net                (239)       --      (242)       ------------------------------------------------------------------------Net cash used in investing activities                      (4,676)       (3)   (5,677)     (415)----------------------------------------------------------------------Cash flows from financing activities  Borrowings under 364-Day   Revolving Credit Facility      1,500        --     1,500        --  Borrowings under other   credit facilities             15,000       100    15,000     1,000  Repayments under other   credit facilities            (11,330)     (300)  (12,030)     (300)  Proceeds from issuance of   debt                           9,095        --     9,095     1,000  Repayments of debt                 (3)       --        (3)       --  Financing costs                   (96)       --      (106)       (5)  Repurchase of ordinary   shares                            --      (250)     (400)   (2,601)  Proceeds from issuance of   ordinary shares under   share-based compensation   plans, net                        32         2        72        69  Proceeds from issuance of   ordinary shares upon   exercise of warrants              24        --        40        --  Payment to shareholders for   Reclassification of   ordinary shares               (9,859)       --    (9,859)       --  Tax benefit from issuance of   ordinary shares under   share-based compensation   plans                             37         7        70         7  Other, net                        (16)       --        (1)       30----------------------------------------------------------------------Net cash provided by (used in) financing activities             4,384      (441)    3,378      (800)----------------------------------------------------------------------Net increase in cash and cash equivalents                        623        60       774        22----------------------------------------------------------------------Cash and cash equivalents at beginning of period                618       407       467       445----------------------------------------------------------------------Cash and cash equivalents at end of period                 $  1,241  $    467  $  1,241  $    467======================================================================
                           Transocean Inc.                      Fleet Operating Statistics                             Operating Revenues (in millions) (1)                         ---------------------------------------------                                                      Twelve months                                                           ended                             Three months ended           Dec 31,                         --------------------------- -----------------                         December September December                            31,      30,       31,                           2007     2007      2006     2007     2006                         -------- --------- -------- -------- --------Contract Drilling Revenues  High-Specification   Floaters:    Ultra Deepwater     Floaters            $    453  $    381 $    304 $  1,509 $  1,015    Deepwater Floaters        290       280      248    1,069      824    Harsh Environment     Floaters                 120       122       89      478      321  Total High-   Specification   Floaters                   863       783      641    3,056    2,160  Midwater Floaters           534       409      289    1,711      819  High-Specification   Jackups                     64        12       12      100       45  Standard Jackups            386       236      187    1,023      637  Other Rigs                   13        15       18       58       84Subtotal                    1,860     1,455    1,147    5,948    3,745Contract Intangible Revenues                      88         0        0       88        0Other Revenues  Client Reimbursable   Revenues                    32        32       28      123      108  Other                        97        51       11      218       29Subtotal                      129        83       39      341      137Total Company            $  2,077  $  1,538 $  1,186 $  6,377 $  3,882                                     Average Dayrates (1)                         ---------------------------------------------                                                      Twelve months                                                           ended                             Three months ended           Dec 31,                         --------------------------- -----------------                         December September December                            31,      30,       31,                           2007     2007      2006     2007     2006                         -------- --------- -------- -------- --------  High-Specification   Floaters:    Ultra Deepwater     Floaters            $346,100  $323,200 $275,300 $316,000 $237,000    Deepwater Floaters   $265,300  $251,600 $216,500 $236,600 $188,000    Harsh Environment     Floaters            $326,300  $312,300 $199,400 $291,300 $184,600  Total High-   Specification   Floaters              $311,600  $291,900 $237,800 $279,500 $207,600  Midwater Floaters      $274,600  $254,000 $184,600 $249,900 $140,900  High-Specification   Jackups               $173,400  $131,600 $133,300 $155,700 $128,900  Standard Jackups       $130,800  $120,000 $ 95,300 $119,600 $ 78,900  Other Rigs             $ 48,600  $ 54,900 $ 48,200 $ 52,700 $ 48,900Total Drilling Fleet     $224,000  $219,700 $171,700 $211,900 $142,100
                                        Utilization (1)                         ---------------------------------------------                                                      Twelve months                                                           ended                             Three months ended           Dec 31,                         --------------------------- -----------------                         December September December                            31,      30,       31,                           2007     2007      2006     2007     2006                         -------- --------- -------- -------- --------  High-Specification   Floaters:    Ultra Deepwater     Floaters                 97%       99%      92%      98%      90%    Deepwater Floaters        75%       76%      78%      78%      76%    Harsh Environment     Floaters                 80%       85%      97%      90%      95%  Total High-   Specification   Floaters                   85%       86%      86%      87%      84%  Midwater Floaters           95%       92%      90%      95%      80%  High-Specification   Jackups                   100%      100%     100%     100%      96%  Standard Jackups            91%       89%      89%      87%      92%  Other Rigs                  97%       98%      99%      99%      70%Total Drilling Fleet          90%       89%      89%      90%      85%
(1) Average daily revenue is defined as contract drilling revenue earned per revenue earning day in the period. A revenue earning day is defined as a day for which a rig earns dayrate after commencement of operations. Utilization is defined as the total actual number of revenue earning days in the period as a percentage of the total number of calendar days in the period for all drilling rigs in our fleet.
                   Transocean Inc. and Subsidiaries           Non-GAAP Financial Measures and Reconciliations      Operating Income Before General and Administrative Expense                      to Field Operating Income                            (in millions)                                                      Twelve months                              Three months ended           ended                          -------------------------- -----------------                           Dec 31,  Sept 30, Dec 31, Dec 31,  Dec 31,                            2007      2007    2006    2007     2006                          --------- -------- ------- ------- ---------  Operating revenue       $  2,077  $ 1,538  $1,186  $6,377  $  3,882  Operating and   maintenance expense         923      663     570   2,781     2,155  Depreciation                 195      103      98     499       401  (Gain) loss from   disposal of assets,   net                        (254)      (8)   (183)   (284)     (405)                          --------- -------- ------- ------- ---------Operating income before general and administrative expense      1,213      780     701   3,381     1,731Add back (subtract): Depreciation      195      103      98     499       401            (Gain) loss             from             disposal of             assets, net      (254)      (8)   (183)   (284)     (405)                          --------- -------- ------- ------- ---------Field operating income    $  1,154  $   875  $  616  $3,596  $  1,727                          --------- -------- ------- ------- ---------
                   Transocean Inc. and Subsidiaries               Supplemental Effective Tax Rate Analysis                            (In millions)                          Three months ended      Years ended Dec. 31,                     ---------------------------- --------------------                     Dec. 31,  Sept. 30, Dec. 31,                       2007      2007      2006     2007       2006                     --------- --------- -------- --------- ----------Income (Loss) before income taxes and minority interest   $  1,079  $  1,024  $   693    $3,384     $1,607  Add back   (subtract):    (Gain) loss on     disposal of     assets, net         (233)       (9)    (191)     (264)      (410)    Income from     TODCO tax     sharing     agreement             (1)     (276)     (51)     (277)       (51)    (Gain) loss on     retirement of     debt                   8         -        -         8          -    GSF Merger     related costs         82         -        -        82          -                     -------------------------------------------------Adjusted income before income taxes      935       739      451     2,933      1,146Income tax expense         23        52       72       253        222  Add back   (subtract):    (Gain) loss on     disposal of     assets, net            -         -        1        (3)       (24)    GSF Merger     related costs         15         -        -        15          -    Changes in     estimates (1)         36        52       17       101         14                     --------- --------- -------- --------- ----------Adjusted income tax expense (2)         $     74  $    104  $    90    $  366     $  212                     ========= ========= ======== ========= ==========Effective Tax Rate (3)                      2.1%      5.1%    10.4%      7.5%      13.8%Annual Effective Tax Rate (4)                 7.9%     14.0%    20.0%     12.5%      18.5%
(1) Our estimates change as we file tax returns, settle disputes with     tax authorities or become aware of other events and include     changes in deferred taxes valuation allowances on deferred taxes     and other tax liabilities.(2) The three months ended December 31, 2007 include $(43) million of     additional tax expense (benefit) reflecting the catch-up effect     of an increase (decrease) in the annual effective tax rate and     included $17 million related to customer indemnification that is     also reflected as a reduction of revenue.(3) Effective Tax Rate is income tax expense divided by income before     income taxes.(4) Annual Effective Tax Rate is income tax expense excluding various     discrete items (such as changes in estimates and tax on items     excluded from income before income taxes) divided by income     before income taxes excluding gains on sales and similar items     pursuant to Financial Accounting Standards Board Interpretation     No. 18.
                   TRANSOCEAN INC. AND SUBSIDIARIES              SUPPLEMENTAL ANALYSIS OF OPERATING INCOME                 (In millions, except per share data)                             (Unaudited)                    Three months                         Three months                       ended                                 ended                    December 31,             Merger and  December 31,                        2007     Transocean  purchase        2007                       Legacy    Worldwide      price     Transocean                     Transocean   Inc. (a)  adjustments  consolidated                    ------------ ---------- ------------ -------------Operating revenues  Contract drilling   revenues               $1,516       $344        $  -         $1,860  Contract   intangible   revenues                    -          -          88             88  Other revenues              80         49           -            129----------------------------------------------------------------------                           1,596        393          88          2,077----------------------------------------------------------------------Costs and expenses  Operating and   maintenance               713        151          59            923  Depreciation,   depletion and   amortization              102         33          60            195  General and   administrative             33          4          23             60----------------------------------------------------------------------                             848        188         142          1,178----------------------------------------------------------------------Gain from disposal of assets, net              254          -           -            254----------------------------------------------------------------------Operating income (loss)                   $1,002       $205        $(54)        $1,153----------------------------------------------------------------------
                         Twelve                              Twelve                      months ended                        months ended                      December 31,            Merger and  December 31,                          2007     Transocean  purchase       2007                         Legacy    Worldwide     price     Transocean                       Transocean   Inc. (a)  adjustments consolidated                      ------------ ---------- ----------- ------------Operating revenues  Contract drilling   revenues                 $5,604       $344       $  -        $5,948  Contract intangible   revenues                      -          -         88            88  Other revenues               292         49          -           341----------------------------------------------------------------------                             5,896        393         88         6,377----------------------------------------------------------------------Costs and expenses  Operating and   maintenance               2,571        151         59         2,781  Depreciation,   depletion and   amortization                406         33         60           499  General and   administrative              115          4         23           142----------------------------------------------------------------------                             3,092        188        142         3,422----------------------------------------------------------------------Gain from disposal of assets, net                   284          -          -           284----------------------------------------------------------------------Operating income (loss)                     $3,088       $205       $(54)       $3,239----------------------------------------------------------------------
(a) In connection with the Merger, GlobalSantaFe merged with     Transocean Worldwide Inc., a wholly owned subsidiary of     Transocean. The amounts presented reflect one month of operating     results since the time of the Merger.

CONTACT: Transocean Inc., Houston
Analyst Contact:
Greg Panagos, 713-232-7551
or
Media Contact:
Guy A. Cantwell, 713-232-7647

SOURCE: Transocean Inc.