Transocean Sedco Forex Completes Merger with R&B Falcon

Transocean Sedco Forex Inc. announced the close of its merger with R&B Falcon Corporation, creating an offshore drilling contractor with unprecedented fleet size and enhanced geographic diversity, technical expertise, financial strength and equity market trading liquidity.

Pursuant to the merger agreement, Transocean Sedco Forex will issue 106 million ordinary shares to R&B Falcon shareholders at the exchange ratio of 0.5 shares of Transocean Sedco Forex for each share of R&B Falcon. Following the exchange, the company’s ordinary shares outstanding will total approximately 317 million. The shares will continue to be listed on the New York Stock Exchange under the trading symbol "RIG."

The company also announced that Victor E. Grijalva will continue to serve as the Chairman of the Board of Directors of Transocean Sedco Forex, while the members of the company's executive management team will continue to consist of the following individuals:

J. Michael Talbert, President, Chief Executive Officer
W. Dennis Heagney, Chief Operating Officer
Jean P. Cahuzac, Executive Vice President, Operations
Jon C. Cole, Executive Vice President, Marketing
Robert L. Long, Executive Vice President and Chief Financial Officer
Donald R. Ray, Senior Vice President, Technical Services
Eric B. Brown, Vice President, General Counsel and Corporate Secretary
Barbara S. Koucouthakis, Chief Information Officer
David J. Mullen, Vice President, Human Resources

Transocean Sedco Forex Inc. is the world's largest offshore drilling contractor with 186 full or partially owned, chartered and managed mobile offshore drilling units, inland barges and other assets utilized in the support of offshore drilling activities. The company's mobile offshore drilling fleet is considered one of the most modern and versatile fleets in the world with 54 semisubmersible drilling rigs (including four under construction), 16 drillships and 59 jackup drilling rigs. Transocean Sedco Forex Inc. specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. The company also provides turnkey and integrated drilling services. With a current equity market capitalization in excess of $14 billion, the company's ordinary shares are listed on the New York Stock Exchange under the symbol "RIG."