Transocean & GlobalSantaFe See Merger Complete by End of 2007

Transocean and GlobalSantaFe Corporation report that on September 19, 2007, the Premerger Notification Office of the Federal Trade Commission and the Department of Justice granted early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act in connection with the proposed combination of Transocean and GlobalSantaFe. Termination of the waiting period satisfies one of the conditions to the closing of the transaction, which was previously announced on July 23, 2007.

The two companies currently estimate that they will complete the transaction by the end of 2007. The transaction remains subject to approval by both companies' shareholders, certain other regulatory clearances and other closing conditions.

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