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Transocean Inc. (RIG) Announces Redomestication from Cayman Islands to Switzerland

Transocean Inc. (RIG) is the world’s largest offshore drilling contractor and a provider of drilling management services worldwide. The company possesses a fleet of 137 mobile offshore drilling units plus 10 announced ultra-deepwater newbuild units. Transocean owns or operates a contract drilling fleet of 39 High-Specification Floaters, 29 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the support of offshore drilling activities.

The company announced that its board of directors has unanimously approved moving the place of incorporation of its group holding company from the Cayman Islands to Switzerland. Transocean’s shareholders will be asked to vote in favor of the proposal at a shareholders’ meeting. If approved by the shareholders, and subject to the approval of the Grand Court of the Cayman Islands, Transocean expects the change of the place of incorporation to be effective as soon as practicable following approval from the Grand Court of the Cayman Islands, which could occur in late 2008 or early 2009.

Following shareholder and the Grand Court of Cayman Islands approvals, Transocean plans to effect the redomestication by merging Transocean Inc. (its current Cayman Islands parent company) with a newly formed Cayman Islands subsidiary of Transocean Ltd. (the new Swiss parent company), with the current Cayman Islands parent company as the surviving company. By way of schemes of arrangement under Cayman Islands law, the current Cayman Islands parent company will become a direct, wholly-owned subsidiary of the new Swiss parent company. Shares of the current Cayman Islands parent will be exchanged for the same number of shares of the new Swiss parent company.

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