Transocean Offshore, Inc. and Schlumberger Limited announced today that they have set Friday, December 10, 1999 as the date for shareholder meetings to consider and vote on issues pertaining to Schlumberger’s proposed spin-off of Sedco Forex Holdings Limited and the merger of Sedco Forex with Transocean Offshore, Inc. Shareholders of record of the respective companies as of the close of business on November 1, 1999 will be entitled to receive notice of and to vote at the meetings.
Transocean Offshore also announced that it filed a registration statement with the U.S. Securities and Exchange Commission relating to the Transocean Offshore ordinary shares to be issued in the merger. The registration statement has not yet become effective. The ordinary shares covered by the registration statement may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This release does not constitute an offer to sell or the solicitation of an offer to buy nor will there be any sale of these securities in any state in which such offer solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state.
Transocean Offshore Inc. is an international offshore drilling company engaged in contract drilling of oil and gas wells. The Company specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. The Company also provides international turnkey, coiled tubing and integrated drilling services to customers worldwide. Schlumberger is a worldwide leader in technical services with 64,000 employees and operations in over 100 countries. In 1998, revenue was $11.82 billion.