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Business Description
Transocean Inc. is an international provider of offshore and inland marine contract drilling services for oil and gas wells. As of March 1, 2002, the Company owned, had partial ownership interests in or operated more than 160 mobile offshore and barge drilling units. As of this date, the Company's active fleet consisted of 31 high-specification floaters, 30 other floaters, 54 jackup rigs, 35 drilling barges, four tenders and three submersible drilling rigs. In addition, the fleet includes a platform drilling rig, as well as 10 land drilling rigs in Venezuela. The Company contracts its drilling rigs, related equipment and work crews primarily on a dayrate basis to drill oil and gas wells. Transocean specializes in technically demanding segments of the offshore drilling business with a particular focus on deepwater and harsh environment drilling services. The Company also provides additional services, including management of third-party well service activities.

Financial Information
Transocean, Inc. is an international provider of deepwater and harsh environment contract drilling services for oil and gas wells. For the six months ended 6/30/02, revenues rose 1% to $1.31 billion. Net income before accounting change and extraordinary item rose 35% to $157.3 million. Revenues benefitted from the merger with R&D Falcon and the activation of four newbuild drilling units. Net income also reflects the absence of a $71.6 million goodwill amortization charge.