Transocean Closes Merger with GlobalSantaFe

Transocean Inc. announced the closing earlier today of its reclassification and merger transaction with GlobalSantaFe Corporation.

In accordance with the terms of the merger agreement, each outstanding ordinary share of Transocean immediately prior to the effective time of the merger was reclassified into (1) 0.6996 Transocean ordinary shares and (2) $33.03 in cash. At the effective time of the merger, each outstanding ordinary share of GlobalSantaFe was exchanged for (1) 0.4757 Transocean ordinary shares (after giving effect to the reclassification) and (2) $22.46 in cash. Following these transactions, there will be a total of approximately 316 million outstanding ordinary shares of Transocean. The shares of Transocean will continue to be listed on the New York Stock Exchange under the trading symbol "RIG" and the ordinary shares of GlobalSantaFe will no longer be listed.

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