EX-99.1
14
a07-30340_1ex99d1.htm
EX-99.1
Exhibit 99.1
Transocean Inc.
Post Office Box 2765
Houston TX 77252 2765
Analyst
Contact:
Gregory S. Panagos
713 232 7551
Media
Contact:
Guy A. Cantwell
News Release
713 232 7647
FOR RELEASE:
November 26, 2007
U.K.
REGULATORS CLEAR WAY FOR MERGER
IN VIEW
OF PARTIES' PROPOSED UNDERTAKINGS
HOUSTON-The
Office of Fair Trading for the United Kingdom (OFT) today announced that,
subject to satisfactory undertakings from the parties, it has decided not to
refer the proposed merger of Transocean Inc. (NYSE: RIG) and GlobalSantaFe Corporation
(NYSE: GSF) to the U.K. Competition Commission for further investigation. Instead,
the OFT considers that the undertakings offered by the parties to divest the GlobalSantaFe
floaters that would be working in the U.K. sector of the North Sea absent the
merger will remedy the possible antitrust concerns identified in the course of
its first stage review. The parties' offer of divestiture includes the
GSF Arctic II
and the
GSF Arctic IV
but
does not include any jackup rigs. A third GlobalSantaFe floater presently
working in the North Sea, the
GSF Arctic III
,
is expected to leave the North Sea upon completion of its current contract, and
on that basis was not included in the parties' offer.
In
view of today's decision by the OFT, the parties still expect to close the
transaction as scheduled on November 27, 2007, subject to remaining closing
conditions.
About
Transocean
Transocean
Inc. is the world's largest offshore drilling contractor with a fleet of 81
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 33
High-Specification Floaters (semisubmersibles and drillships), 19 Other
Floaters, 25 Jackups and other assets utilized in the support of offshore
drilling activities worldwide. The company also has six High-Specification
Drillships under construction. With a current equity market capitalization in
excess of $37 billion, Transocean Inc.'s ordinary shares are traded on the New
York Stock Exchange under the symbol "RIG".
About
GlobalSantaFe
GlobalSantaFe
is one of the largest offshore oil and gas drilling contractors and the leading
provider of drilling management services worldwide. The company owns or
operates a contract drilling fleet of 37 premium jackup rigs; six heavy-duty,
harsh environment jackups; 11 semisubmersibles and three dynamically
positioned, ultra-deepwater drillships, as well as two semisubmersibles owned
by third parties and operated under a joint venture agreement. In addition, it
is scheduled to take delivery of a new ultra-deepwater semisubmersible in 2009
and a new ultra-deepwater drillship in 2010. For more information about
GlobalSantaFe, go to http://www.globalsantafe.com.
Forward-Looking
Statements
Statements
included in this news release regarding the completion of the proposed
transaction, negotiations with regulators, divestitures, benefits,
opportunities, timing and effects of the transaction, and other statements that
are not historical facts, are forward-looking statements. These statements
involve risks and uncertainties including, but not limited to, actions by
regulatory authorities or other third parties, results of negotiation with
regulators, definitive terms of undertakings, consummation of financing,
satisfaction of closing conditions, and other factors detailed in risk factors
and elsewhere in the companies' joint proxy statement dated Oct. 2, 2007 and
both companies' Annual Reports on Form 10-K and their respective other filings
with the Securities and Exchange Commission. Should one or more of these risks
or uncertainties materialize (or the other consequences of such a development
worsen), or should underlying assumptions prove incorrect, actual outcomes may
vary materially from those forecasted or expected. Both companies disclaim any
intention or obligation to update publicly or revise such statements, whether
as a result of new information, future events or otherwise.
###
07-44

EX - 99 . 1 14 a07 - 30340 _ 1ex99d1 . htm EX - 99 . 1 Exhibit 99 . 1 Transocean Inc . Post Office Box 2765 Houston TX 77252 2765 Analyst Contact : Gregory S . Panagos 713 232 7551 Media Contact : Guy A . Cantwell News Release 713 232 7647 FOR RELEASE : November 26 , 2007 U . K . REGULATORS CLEAR WAY FOR MERGER IN VIEW OF PARTIES ' PROPOSED UNDERTAKINGS HOUSTON - The Office of Fair Trading for the United Kingdom ( OFT ) today announced that , subject to satisfactory undertakings from the parties , it has decided not to refer the proposed merger of Transocean Inc . ( NYSE : RIG ) and GlobalSantaFe Corporation ( NYSE : GSF ) to the U . K . Competition Commission for further investigation . Instead , the OFT considers that the undertakings offered by the parties to divest the GlobalSantaFe floaters that would be working in the U . K . sector of the North Sea absent the merger will remedy the possible antitrust concerns identified in the course of its first stage review . The parties ' offer of divestiture includes the GSF Arctic II and the GSF Arctic IV but does not include any jackup rigs . A third GlobalSantaFe floater presently working in the North Sea , the GSF Arctic III , is expected to leave the North Sea upon completion of its current contract , and on that basis was not included in the parties ' offer . In view of today 's decision by the OFT , the parties still expect to close the transaction as scheduled on November 27 , 2007 , subject to remaining closing conditions . About Transocean Transocean Inc . is the world 's largest offshore drilling contractor with a fleet of 81 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 33 High - Specification Floaters ( semisubmersibles and drillships ) , 19 Other Floaters , 25 Jackups and other assets utilized in the support of offshore drilling activities worldwide . The company also has six High - Specification Drillships under construction . With a current equity market capitalization in excess of $ 37 billion , Transocean Inc . 's ordinary shares are traded on the New York Stock Exchange under the symbol " RIG " . About GlobalSantaFe GlobalSantaFe is one of the largest offshore oil and gas drilling contractors and the leading provider of drilling management services worldwide . The company owns or operates a contract drilling fleet of 37 premium jackup rigs ; six heavy - duty , harsh environment jackups ; 11 semisubmersibles and three dynamically positioned , ultra - deepwater drillships , as well as two semisubmersibles owned by third parties and operated under a joint venture agreement . In addition , it is scheduled to take delivery of a new ultra - deepwater semisubmersible in 2009 and a new ultra - deepwater drillship in 2010 . For more information about GlobalSantaFe , go to http://www.globalsantafe.com . Forward - Looking Statements Statements included in this news release regarding the completion of the proposed transaction , negotiations with regulators , divestitures , benefits , opportunities , timing and effects of the transaction , and other statements that are not historical facts , are forward - looking statements . These statements involve risks and uncertainties including , but not limited to , actions by regulatory authorities or other third parties , results of negotiation with regulators , definitive terms of undertakings , consummation of financing , satisfaction of closing conditions , and other factors detailed in risk factors and elsewhere in the companies ' joint proxy statement dated Oct. 2 , 2007 and both companies ' Annual Reports on Form 10 - K and their respective other filings with the Securities and Exchange Commission . Should one or more of these risks or uncertainties materialize ( or the other consequences of such a development worsen ) , or should underlying assumptions prove incorrect , actual outcomes may vary materially from those forecasted or expected . Both companies disclaim any intention or obligation to update publicly or revise such statements , whether as a result of new information , future events or otherwise . # # # 07 - 44