Transocean Sedco Forex Announces Plans for Debt Exchange Offer
Transocean Sedco Forex expects to offer notes that have the same principalamount, interest rate, redemption terms and payment and maturity date as the R&BFalcon notes sought for exchange. Transocean Sedco Forex also expects to seekamendments to the indentures under which the R&B Falcon notes were issued and tooffer a cash payment to holders of R&B Falcon notes accepted for exchange thatconsent to these amendments. Transocean Sedco Forex plans to file a registrationstatement in the next few weeks that will include the terms and conditions ofthe exchange offers.
This press release does not constitute an offer of any securities for sale.
Statements regarding the expected exchange offers (including timing and terms)and related consent solicitation are forward-looking statements that involvecertain risks, uncertainties and assumptions. These include but are not limitedto the market conditions for R&B Falcon and Transocean Sedco Forex debtsecurities, the financial results, business and financial condition of bothcompanies, the timing of the exchange offers, the satisfaction of conditions ofthe exchange offers and other factors detailed in Transocean Sedco Forex's andR&B Falcon's most recent Forms 10-Q and Forms 10-K and other filings with theSecurities and Exchange Commission. Should one or more of these risks oruncertainties materialize or should underlying assumptions prove incorrect,actual results may vary materially from those indicated.
CONTACT: Transocean Sedco Forex Inc., Houston Analyst Contact: Jeffrey L. Chastain, 713/232-7551 or Media Contact: Guy A. Cantwell, 713/232-7647