SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (date of earliest event reported): September 3, 2002
TRANSOCEAN INC.
(Exact name of registrant as specified in its charter)
CAYMAN ISLANDS 333-75899 66-0587307
(State or other jurisdiction of (Commission (I.R.S. Employer
incorporation or organization) File Number) Identification No.)
4 GREENWAY PLAZA
HOUSTON, TEXAS 77046
(Address of principal executive offices and zip code)
Registrant's telephone number, including area code: (713) 232-7500
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ITEM 9. REGULATION FD DISCLOSURE.
In accordance with Regulation FD, the information set forth below is being
furnished in connection with presentations being made by officers of Transocean
Inc. (the "Company"). The information in Item 9 of this report is being
furnished, not filed. Accordingly, the information in Item 9 of this report
will not be incorporated by reference into any registration statement filed by
the Company under the Securities Act of 1933, as amended, unless specifically
identified therein as being incorporated therein by reference.
The Company's view of the current trends for the demand for the Company's
deepwater, midwater and jackup rigs in stated market sectors and the Company's
view of whether it believes an oversupply or undersupply of such rigs exists in
a particular market sector is set forth below:
SECTOR DEEPWATER RIGS MIDWATER RIGS JACKUP RIGS
-------------- -------------------- -------------------- --------------------
Eastern Canada Increasing with N/A N/A
Undersupply
Gulf of Mexico Flat with Oversupply Flat with Oversupply Flat with Oversupply
Brazil Flat Flat Flat
North Sea Flat Decreasing with Decreasing with
Oversupply Oversupply
Mediterranean Flat with Oversupply Flat with Oversupply N/A
West Africa Increasing with Flat with Oversupply Increasing with
Undersupply Undersupply
Middle East N/A N/A Flat
India Increasing with N/A Increasing with
Undersupply Undersupply
Southeast Asia Increasing with Flat with Oversupply Increasing with
Undersupply Undersupply
As of August 30, 2002, approximately 76 percent and 42 percent of the
Company's International and U.S. Floater Contract Drilling Services segment
fleet days were committed for the remainder of 2002 and for the year 2003,
respectively. As of August 30, 2002, approximately 51 percent and 25 percent of
the Company's total marine fleet days were committed for the remainder of 2002
and for the year 2003, respectively. As of August 30, 2002, a $5,000 change in
the dayrate assumption associated with uncommitted fleet days in 2003 equates to
an estimated $0.55 change in earnings per share.
The statements described in this report that are not historical facts are
forward-looking statements within the meaning of Section 27A of the Securities
Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements
to the effect that the Company or management "anticipates," "believes,"
"budgets," "estimates," "expects," "forecasts," "intends," "plans," "predicts,"
or "projects" a particular result or course of events, or that such result or
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course of events "could," "might," "may" or "should" occur, and similar
expressions, are also intended to identify forward-looking statements.
Forward-looking statements described above include, but are not limited to, rig
demand and changes to earnings per share resulting from a change in dayrate
assumption. Such statements are subject to numerous risks, uncertainties and
assumptions, including but not limited to, uncertainties relating to the level
of activity in offshore oil and gas exploration and development, exploration
success by producers, oil and gas prices, demand for offshore and inland water
rigs, competition and market conditions in the contract drilling industry, the
Company's ability to successfully integrate the operations of acquired
businesses, possible delay or cancellation of drilling contracts, work
stoppages, the Company's ability to enter into and the terms of future
contracts, the availability of qualified personnel, labor relations and the
outcome of negotiations with unions representing workers, operating hazards,
political and other uncertainties inherent in non-U.S. operations (including
exchange and currency fluctuations), war, terrorism and cancellation or
unavailability of insurance coverage, the impact of governmental laws and
regulations, the adequacy of sources of liquidity, the effect of litigation and
contingencies and other factors discussed in the Company's Form 10-Q for the
quarter ended June 30, 2002, Form 10-K for the year ended December 31, 2001 and
in the Company's other filings with the SEC, which are available free of charge
on the SEC's website at www.sec.gov. Should one or more of these risks or
uncertainties materialize, or should underlying assumptions prove incorrect,
actual results may vary materially from those indicated. You should not place
undue reliance on forward-looking statements. Each forward-looking statement
speaks only as of the date of the particular statement, and we undertake no
obligation to publicly update or revise any forward-looking statements.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.
TRANSOCEAN INC.
Date: September 3, 2002 By: /s/ Eric B. Brown
------------------------
Eric B. Brown
Senior Vice President, General
Counsel and Corporate Secretary
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