Transocean Completes Redemption of Its 9.50% Senior Notes

Transocean Inc. (NYSE:RIG) has completed the redemption of its $289.8 million face value, 9.50% Senior Notes due 2008. The notes were redeemed on March 30, 2004 at 127.796% of face value, or $370.3 million plus accrued and unpaid interest of $8.0 million. The company will recognize a loss on retirement of the notes of approximately $28.1 million in the first quarter of 2004. The redemption did not include the 9.50% Notes due 2008 of TODCO (NYSE:THE), a publicly traded drilling company in which Transocean owns a majority interest.

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