TODCO Closes Secondary Stock Offering for Transocean

TODCO (NYSE: THE) has closed the secondary public offering of 12,000,000 shares of TODCO's Class A common stock for a selling stockholder, Transocean Inc. (NYSE: RIG). The offering price to the public was $20.50 per share. TODCO did not receive any proceeds from the offering. After the offering, Transocean owns 1,310,000 shares or approximately 2% of TODCO's outstanding Class A common stock, which remain subject to the underwriters' over-allotment option.

The underwriters for the offering were Citigroup, which acted as sole book-running manager, and JP Morgan and UBS Investment Bank, which were co- managers.

A copy of the prospectus supplement and accompanying prospectus may be obtained from Citigroup Global Markets Inc., Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, NY 11220.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy nor shall 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.