Shareholders Approve Transocean, GlobalSantaFe Merger

Transocean and GlobalSantaFe report that their respective meetings of shareholders, with both companies receiving the necessary shareholder approvals to complete the proposed merger of GlobalSantaFe with a wholly owned subsidiary of Transocean and related transactions.

At Transocean's shareholders meeting, holders of ordinary shares of Transocean approved all proposals presented at the meeting, including the reclassification of Transocean's ordinary shares, the issuance of Transocean ordinary shares to GlobalSantaFe shareholders in the proposed merger and the amendment and restatement of Transocean's articles and memorandum of association.

At GlobalSantaFe's shareholders meeting, holders of ordinary shares of GlobalSantaFe approved the proposed merger.

Transocean and GlobalSantaFe currently estimate that they will complete the proposed transactions by the end of 2007. The transactions remain subject to certain regulatory clearances, the approval of the Grand Court of the Cayman Islands and other closing conditions.