GlobalSantaFe Corporation and Transocean Inc. to Hold Shareholder Meetings to Vote on Merger
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HOUSTON, Oct. 1 - GlobalSantaFe Corporation (NYSE:GSF) and Transocean Inc. (NYSE:RIG) announced today that they will hold separate meetings of their shareholders on Nov. 9, 2007, in connection with the proposed merger between the two companies. GlobalSantaFe shareholders will be asked to approve the merger, while Transocean shareholders will be asked to approve the reclassification of its ordinary shares, the issuance of its ordinary shares to GlobalSantaFe shareholders in the merger and the amendment of Transocean's memorandum and articles of association to, among other things, increase the number of directors constituting its board of directors to 14 from 13, provide for certain corporate governance provisions during the two-year period following the completion of the transactions, and make technical, updating and other changes.
Each meeting will be held at the Grand Cayman Marriott, Grand Cayman, Cayman Islands at 1:00 p.m. local time (12:00 p.m. CST / 1 p.m. EST). If the requisite approvals of the shareholders of GlobalSantaFe and Transocean are received, then, in accordance with Cayman Islands law, the Grand Court of the Cayman Islands will hold a hearing, at which shareholders may appear, on Nov. 20, 2007, to approve the transactions. The proposed transactions are expected to close following court approval, receipt of regulatory clearances and the satisfaction of other specified closing conditions. GlobalSantaFe and Transocean currently estimate that they will complete the transaction by the end of 2007.
A joint proxy statement for the respective shareholders' meetings is expected to be mailed on or about Oct. 5, 2007, to all shareholders of GlobalSantaFe and Transocean as of Oct. 1, 2007, the record date for each company's shareholder meeting.
About GlobalSantaFe
GlobalSantaFe is one of the largest offshore oil and gas drilling contractors and the leading provider of drilling management services worldwide. The company owns or operates a contract drilling fleet of 37 premium jackup rigs; six heavy-duty, harsh environment jackups; 11 semisubmersibles and three dynamically positioned, ultra-deepwater drillships, as well as two semisubmersibles owned by third parties and operated under a joint venture agreement. In addition, it is scheduled to take delivery of a new ultra-deepwater semisubmersible in 2009 and a new ultra-deepwater drillship in 2010.
For more information about GlobalSantaFe, go to www.globalsantafe.com/.
About Transocean
Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 82 mobile offshore drilling units. The company's mobile offshore drilling fleet, consisting of a large number of high-specification deepwater and harsh environment drilling units, is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. The company's fleet consists of 33 High-Specification Floaters (semisubmersibles and drillships), 20 Other Floaters, 25 Jackups and other assets utilized in the support of offshore drilling activities worldwide. The company also has contracts for the construction of four newbuild enhanced Enterprise-class drillships. With a current equity market capitalization in excess of $32 billion, Transocean's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG." For more information about Transocean, please visit http://www.deepwater.com/.
Source: GlobalSantaFe Corporation
CONTACT: investors, Richard Hoffman, +1-281-925-6441,
or media, Jeff Awalt, +1-281-925-6448, both for GlobalSantaFe;
or investors, Gregory S.Panagos, +1-713-232-7551,
or media, Guy A. Cantwell, +1-713-232-7647, both for Transocean
Web site: www.globalsantafe.com/ http://www.deepwater.com/
