Transocean Completes Redemption of Its 6.75% Senior Notes

Transocean Inc. has completed the redemption of its $342.3 million face value, 6.75% Senior Notes due April 2005. The notes were redeemed today at 102.127% of face value, or $349.5 million plus accrued and unpaid interest of $0.6 million. The company will recognize a loss on redemption of debt of approximately $3.3 million in the fourth quarter of 2004. The redemption did not affect the 6.75% Senior Notes due April 2005 of TODCO (NYSE:THE), a publicly traded company in which Transocean owns a majority voting interest.

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