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): August 8, 2003
TRANSOCEAN INC.
(Exact name of registrant as specified in its charter)
CAYMAN ISLANDS 333-75899 66-0587307
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation or File Number) Identification No.)
organization)
4 GREENWAY PLAZA
HOUSTON, TEXAS 77046
(Address of principal executive (Zip Code)
offices)
Registrant's telephone number, including area code: (713) 232-7500
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 furnished pursuant to this Item 9 shall
not be deemed to be "filed" for the purposes of Section 18 of the Securities
Exchange Act of 1934, nor will it 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 furnishing of the information in this report is not intended to,
and does not, constitute a determination or admission by the Company that the
information in this report is material or complete, or that investors should
consider this information before making an investment decision with respect to
any security of the Company.
The percentage breakdown of the Company's operating revenues for the six
months ended June 30, 2003 by asset type and by geographic location are as
follows:
BY ASSET TYPE BY GEOGRAPHIC LOCATION
5th Generation Fleet 29% North America (Floaters) 26%
Other Deepwater Fleet 19% Middle East, India & Caspian 10%
Mid-Water Fleet 19% Brazil 12%
Non-US Jackups / Other 24% North Europe 12%
Gulf of Mex. Shallow & Inland Water Fleet 9% Asia/Australia 12%
Gulf of Mex. Shallow & Inland Water 9%
Africa 19%
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 are set forth below:
SECTOR DEEPWATER RIGS MIDWATER RIGS JACKUP RIGS
- -------------- --------------------------- ------------------------- ---------------------------
Gulf of Mexico Flat with Oversupply Flat with Oversupply Flat with Oversupply
Brazil Flat Declining with Oversupply Flat
North Sea Flat with Oversupply Declining with Oversupply Flat
Mediterranean Flat Flat N/A
West Africa Increasing with Undersupply Flat Flat with Oversupply
Middle East N/A N/A Flat
India Increasing with Undersupply N/A Increasing with Undersupply
Southeast Asia Flat Flat with Oversupply Flat
Mexico N/A N/A Increasing with Undersupply
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The operating performance as measured by downtime of the rig classes of the
Company's 5th generation fleet and of the entire 5th generation fleet is as
follows:
RIG CLASS DOWNTIME %
2001 2002 YTD JUNE 30, 2003
Enterprise Class 5.8% 5.7% 10.0%
Pathfinder Class 6.2% 4.1% 3.0%
Nautilus Class 21.7% 4.2% 3.2%
Express Class 16.4% 5.4% 2.5%
Total 5th Generation Fleet 9.6% 5.0% 5.5%
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
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. 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-K for the
year ended December 31, 2002 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: August 8, 2003 By: /S/ Eric B. Brown
---------------------------------
Eric B. Brown
Senior Vice President, General
Counsel and Corporate Secretary
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