Transocean Inc. Agrees to Sell Three U.S. GoM Jackups

Transocean Inc. today announced that it has entered into a definitive agreement with Hercules Offshore, Inc. to sell three of its U.S. Gulf of Mexico jackup drilling rigs and related equipment for $320 million. The sales of the GSF Adriatic III, GSF High Island I and GSF High Island VIII will mark Transocean’s exit from the shallow-water area of the U.S. Gulf of Mexico. The sales are expected to be consummated at the conclusion of each rig’s current contract commitment and are subject to customary closing conditions, including regulatory approvals. The agreement has been approved by the Boards of Directors of both companies.