Transocean Inc. Adjusts Third Quarter 2002 Diluted Earnings Per Share Up by $0.01
HOUSTON, Oct 30, 2002 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) todayreported that its diluted earnings per share for the three months endedSeptember 30, 2002, released October 29, 2002, was understated by $0.01 pershare. The revised net income per diluted share is $0.79 rather than $0.78 perdiluted share. The company's earnings for the three months ended September 30,2002, excluding the impact of the tax benefit and the non-cash loss due to theimpairment of assets, remain $0.33 per diluted share and earnings for 2002 yearto date, excluding the recognition of these items and before the cumulativeeffect of a change in accounting principle, remain $0.81 per diluted share. Forthe nine months ended September 30, 2002, the revised diluted net loss per shareis $2.94 rather than $2.88 per diluted share. The revisions stem from thecalculation of the dilutive effect of the company's convertible debentures. Thenumber of fully diluted shares should have been 328.8 million and 323.0 millionshares for the three months and nine months ended September 30, 2002,respectively, instead of the reported diluted shares of 334.3 and 328.6 million,respectively.
Transocean Inc. is the world's largest offshore drilling contractor with morethan 150 full or partially owned and managed mobile offshore drilling units,inland drilling barges and other assets utilized in the support of offshoredrilling activities worldwide. The company's mobile offshore drilling fleet isconsidered one of the most modern and versatile in the world with 31high-specification semisubmersibles and drillships, 27 other semisubmersiblesand two drillships, and 54 jackup drilling rigs. Transocean Inc. specializes intechnically demanding segments of the offshore drilling business, includingindustry-leading positions in deepwater and harsh environment drilling services.With a current equity market capitalization in excess of $7 billion, thecompany's ordinary shares are traded on the New York Stock Exchange under thesymbol \"RIG.\"
TRANSOCEAN INC. AND SUBSIDIARIES Revisions to Earnings Per Share Amounts Reported in Press Release Dated October 29, 2002 (In millions, except per share data) (Unaudited) Three Months Nine Months Ended Ended September 30, September 30, ------------- -------------- 2002 2002 ------------- --------------Diluted Earnings (Loss) Per Share Income Before Extraordinary Item and Cumulative Effect of a Change in Accounting Principle $0.79 $1.28 Loss on Extraordinary Item, net of tax - - Loss on Cumulative Effect of a Change in Accounting Principle - (4.22) Net Income (Loss) $0.79 $(2.94)Diluted Weighted Average Shares Outstanding 328.8 323.0Diluted Earnings (Loss) Per Share Net Income (Loss) $0.79 $(2.94) Tax Benefit 0.54 0.55 Non-Cash Impairment of Certain Long Lived Assets (0.08) (0.08) Cumulative Effect of a Change in Accounting Principle - (4.22) Net Income Per Diluted Share (Excluding aforementioned items) $0.33 $0.81
Transocean Inc., Houston
Jeffrey L. Chastain, 713/232-7551
Guy A. Cantwell, 713/232-7647