Transocean Sedco Forex Announces Management Changes

Transocean Sedco Forex Inc. announced that W. Dennis Heagney, Executive Vice President and Chief Operating Officer, will retire from the Company in June 2002, concluding 33 years of service. Mr. Heagney began his career in 1969 with The Offshore Company, a predecessor of Transocean Sedco Forex and has worked in a variety of operating and marketing roles in both the United States and international locations.

The Company also announced that its Board of Directors has appointed Robert L. Long as President of Transocean Sedco Forex Inc., effective immediately. Mr. Long will also assume the role of Chief Operating Officer upon the retirement of Mr. Heagney in June 2002. Mr. Long joined the Company in 1975 and has held numerous operational and financial roles over his 26-year career including Division Engineer, Division Manager of the North Sea and Egypt and his most recent role as Executive Vice President and Chief Financial Officer. A 1968 graduate of the U.S. Naval Academy, Mr. Long attended the U.S. Naval Nuclear Power School and in 1975 earned his M.B.A. in Finance from the Harvard Graduate School of Business.

J. Michael Talbert, who will continue to serve as Chief Executive Officer of Transocean Sedco Forex Inc., stated, "Dennis Heagney has had a distinguished career with Transocean Sedco Forex and has made many valuable contributions in support of this organization and the offshore drilling industry. His operational leadership and dedication through three mergers and acquisitions were important factors in insuring the successful integration of the former Sonat Offshore Drilling, Transocean ASA, Sedco Forex and R&B Falcon. Transocean Sedco Forex will benefit from his guidance and knowledge for years to come."

On Mr. Long's appointment, Talbert said, "Bob Long's extensive experience in key positions, including those in operations, marketing and as Chief Financial Officer, will serve the Company well in his new role as President and later as Chief Operating Officer following Dennis' retirement. These leadership changes will allow me to focus more on helping advance the business strategy of Transocean Sedco Forex."

In addition, the Company's Board has appointed Gregory L. Cauthen as Vice President and Chief Financial Officer of Transocean Sedco Forex Inc., effective immediately. Mr. Cauthen, who presently serves as Vice President of Finance, joined the Company in March 2001 following management positions with Arthur Young (now Ernst and Young), First Interstate Bank (now Wells Fargo Bank) and Service Corporation International (SCI), where he was Senior Vice President and President of SCI Financial Services, Inc. Mr. Cauthen holds a Masters in Accounting from the University of Florida, Gainesville, and is a Certified Public Accountant.


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