Transocean & GlobalSantaFe Shareholders to Vote on Merger Nov. 9

Transocean and GlobalSantaFe will hold separate shareholders meetings on November 9, 2007, to vote on the proposed merger between the two companies. Transocean shareholders will be asked to approve the reclassification of its ordinary shares, the issuance of its ordinary shares to GlobalSantaFe shareholders in the merger and the amendment of Transocean's memorandum and articles of association to, among other things, increase the number of directors constituting its board of directors to 14 from 13, provide for certain corporate governance provisions during the two-year period following the completion of the transactions, and make technical, updating and other changes. GlobalSantaFe shareholders will be asked to approve the merger.

Each meeting will be held at the Grand Cayman Marriott, Grand Cayman, Cayman Islands, at 1:00 p.m. local time (12:00 p.m. CST / 1:00 p.m. EST). If the requisite approvals of the shareholders of Transocean and GlobalSantaFe are received, then, in accordance with Cayman Islands law, the Grand Court of the Cayman Islands will hold a hearing, at which shareholders may appear, on Nov. 20, 2007, to approve the transactions. The proposed transactions are expected to close following court approval, receipt of regulatory clearances and the satisfaction of other specified closing conditions. Transocean and GlobalSantaFe currently estimate that they will complete the transaction by the end of 2007.

A joint proxy statement for the respective shareholders' meetings is expected to be mailed on or about Oct. 5, 2007, to all shareholders of Transocean and GlobalSantaFe as of Oct. 1, 2007, the record date for each company's shareholder meeting.

Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 82 mobile offshore drilling units. The company's mobile offshore drilling fleet, consisting of a large number of high-specification deepwater and harsh environment drilling units, is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. The company's fleet consists of 33 High-Specification Floaters (semisubmersibles and drillships), 20 Other Floaters, 25 Jackups and other assets utilized in the support of offshore drilling activities worldwide. The company also has contracts for the construction of four newbuild enhanced Enterprise-class drillships. With a current equity market capitalization in excess of $32 billion, Transocean's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."

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