Under the terms of the offer and assuming a settlement date of December 10, 2004, Transocean will pay $1,304.49 plus accrued interest of $12.22 (for a total of $1,316.71) for each $1,000 principal amount of Debentures purchased in the offer. This price was determined by reference to a fixed spread of 70 basis points or 0.7% over the reference yield of 4.895%, which equals the yield to maturity based on the bid side price of the U.S. Treasury 5.375% Bond due February 15, 2031 as measured today at 3:00 P.M., New York City time.
The offer will expire at 5:00 P.M., New York City time, on December 9, 2004, unless the offer is extended or earlier terminated. Transocean will pay for tendered Debentures in same-day funds promptly following the expiration of the offer. It is expected that payment will be made on December 10, 2004. Transocean intends to use existing cash balances on hand to pay for all such Debentures purchased pursuant to the offer.
Goldman, Sachs & Co. has been acting as Dealer Manager for the offer. The Information Agent is Global Bondholder Services Corporation, and the Depositary is The Bank of New York. Persons with questions regarding the offer should contact the Information Agent at 212-430-3774 or 866-294-2200 or the Dealer Manager toll-free at 800-828-3182.
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