Transocean Inc. Reports Changes to Its Board of Directors
HOUSTON--(BUSINESS WIRE)--Oct. 14, 2004--Transocean Inc.(NYSE:RIG) today announced that J. Michael Talbert will end his activeemployment status with the company, effective October 14, 2004, butwill continue to serve as Chairman of the Board of Transocean Inc. Mr.Talbert had served as Chairman of the Board in an executive capacitysince October 2002. He is a past President and Chief Executive Officerof the company and has served on the company's Board of Directorssince 1994.
In addition, the company announced that Paul B. Loyd, Jr. hassubmitted his resignation from the company's Board of Directors,citing personal reasons. Mr. Loyd's resignation is effective October14, 2004. Mr. Loyd joined the Transocean Inc. Board of Directors in2001, following the company's acquisition of R&B Falcon Corporation,where he served as Chairman and Chief Executive Officer.
Transocean Inc. is the world's largest offshore drillingcontractor with full or partial ownership in 94 mobile offshoredrilling units, excluding the 70-rig fleet of TODCO, a publicly tradedcompany in which Transocean Inc. owns a majority voting interest. Thecompany's mobile offshore drilling fleet is considered one of the mostmodern and versatile in the world due to its emphasis on technicallydemanding segments of the offshore drilling business, includingindustry-leading positions in high-specification deepwater and harshenvironment drilling units. The company's fleet consists of 32High-Specification Floaters (semisubmersibles and drillships), 25Other Floaters, 26 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $11 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"
CONTACT: Transocean Inc., Houston Analyst Contact: Jeffrey L. Chastain, 713-232-7551 or Media Contact: Guy A. Cantwell, 713-232-7647 SOURCE: Transocean Inc.