Transocean Inc. Board Approves $2 Billion Share Repurchase Program
HOUSTON--(BUSINESS WIRE)--Oct. 17, 2005--Transocean Inc. (NYSE:RIG) today announced that its Board of Directors has authorized the company to repurchase up to $2 billion of its ordinary shares. The ordinary shares may be repurchased from time to time in open market or private transactions. Decisions to repurchase will be based upon the company's ongoing capital requirements, the price of the company's shares, regulatory considerations, cash flow generation, general market conditions and other factors. The company plans to fund the program from current and future cash balances and does not intend to use debt to fund share repurchases. The repurchase program does not have an established expiration date and may be suspended or discontinued at any time. Transocean Inc. currently has approximately 330 million ordinary shares outstanding.
Statements regarding the conduct of the share repurchase program including timing, duration, form of transaction, the factors to be considered, source of funding, termination of the program, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to the factors stated in the preceding paragraph, operating hazards and delays, actions by customers and other third parties, the future price of oil and gas, the actual revenues earned and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated. There can be no assurance as to the number of shares, if any, that will be repurchased under the program.
Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 92 mobile offshore drilling units. The company's mobile offshore drilling fleet, consisting of a large number of high-specification deepwater and harsh environment drilling units, is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 24 Other Floaters, 25 Jackup Rigs and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $18 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the 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.