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    Transocean plans IPO for Gulf of Mexico businesses

    News // August 16, 2002
    Transocean has announced that it plans to pursue a divestiture of its Gulf of Mexico Shallow and Inland Water business segment.

    The company plans to establish the Shallow and Inland Water business as a separate, publicly traded company and is currently preparing an initial public offering of that company.

    Transocean expects to sell a portion of its interest in the initial public offering, which it hopes to complete by late 2002 or early 2003, subject to market conditions and other factors.

    The Shallow and Inland Water business segment consists principally of jackup rig and drilling barge operations in the US Gulf of Mexico. The business also includes the company's drilling operations in Trinidad and Venezuela. The fleet currently consistsof 28 jackup rigs, three submersible rigs, 31 inland drilling barges and a platform rig, as well as nine land rigs in Venezuela. Transocean acquired these assets in early 2001, following its merger with R&B Falcon Corporation.

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