Transocean Inc. Board Approves $2 Billion Share Repurchase Program

Transocean says that its Board of Directors has authorized the company to repurchase up to $2 billion of its ordinary shares. The ordinary shares may be repurchased from time to time in open market or private transactions. Decisions to repurchase will be based upon the company's ongoing capital requirements, the price of the company's shares, regulatory considerations, cash flow generation, general market conditions and other factors. The company plans to fund the program from current and future cash balances and does not intend to use debt to fund share repurchases. The repurchase program does not have an established expiration date and may be suspended or discontinued at any time. Transocean Inc. currently has approximately 330 million ordinary shares outstanding.