Transocean Inc. Announces Patent Lawsuit Partial Summary Judgment
HOUSTON--(BUSINESS WIRE)--Dec. 1, 2005--Transocean Inc. (NYSE:RIG) today announced that the U.S. District Court for the Southern District of Texas, Houston Division, has granted Transocean partial summary judgment in its dual activity patent lawsuit against GlobalSantaFe. In particular, the court validated Transocean's claim that GlobalSantaFe's semisubmersibles Development Driller I and Development Driller II violate Transocean's apparatus claims under its U.S. patents. The court declined to grant summary judgment on Transocean's method claims at this time noting that there was no evidence that GlobalSantaFe had yet used or practiced the infringing method. While this decision does not finally resolve the matter since GlobalSantaFe continues to assert that the patents are invalid, Transocean believes that the ruling is an encouraging and important step in the enforcement of its dual activity patents. Trial on the remaining issues is currently set for the summer of 2006.
Statements regarding the summary judgment, the challenge to the validity of our patents, patent enforcement actions, the timing of the trial, as well as any other statements that are not historical facts in the report, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to the risk inherent in any litigation, actions by third parties, the future prices of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
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 $21 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.