Transocean Inc. Shareholders Approve All Proposals at Annual General Meeting
HOUSTON--(BUSINESS WIRE)--May 8, 2003--Transocean Inc. (NYSE:RIG)today announced that shareholders approved the Class I reelection ofVictor E. Grijalva, Arthur Lindenauer, Richard A. Pattarozzi, KristianSiem and J. Michael Talbert to the company's Board of Directors. TheClass I directors will serve for three-year terms, except for Mr.Talbert, who has been renamed as a Class II director to fill thevacancy created by the previously announced retirement of Mr. AlainRoger. Class II directors will stand for reelection at the company's2004 Annual General Meeting.
Shareholders also approved amendments to the company's Long-TermIncentive Plan, allowing the continuation of grants of incentive stockoptions for an additional ten years and stock options and shareappreciation rights to outside directors, and to the Employee StockPurchase Plan, increasing the number of shares reserved for issuance.Finally, shareholders approved the appointment of Ernst and Young LLPas independent auditors for 2003.
Transocean Inc. is the world's largest offshore drillingcontractor with more than 170 full or partially owned and managedmobile offshore drilling units, inland drilling barges and otherassets utilized in the support of offshore drilling activitiesworldwide. The company's mobile offshore drilling fleet is consideredone of the most modern and versatile in the world with 13fifth-generation semisubmersibles and drillships, 15 other deepwatersemisubmersibles and drillships, 32 mid-water semisubmersibles anddrillships and 55 jackup drilling rigs. Transocean Inc. specializes intechnically demanding segments of the offshore drilling business,including industry-leading positions in deepwater and harshenvironment drilling services. With a current equity marketcapitalization in excess of $6 billion, the company's ordinary sharesare traded on the New York Stock Exchange under the symbol \"RIG.\"
Transocean Inc., Houston
Jeffrey L. Chastain, 713/232-7551
Guy A. Cantwell, 713/232-7647
SOURCE: Transocean Inc.