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 16, 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
------ -------------- ------------- -----------
Gulf of Mexico Flat with Oversupply Flat with Oversupply Increasing 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 Flat with Oversupply Increasing with
Undersupply
Middle East N/A N/A Flat with Oversupply
India Increasing with N/A Increasing with
Undersupply Undersupply
Southeast Asia Increasing with Flat with Oversupply Increasing with
Undersupply Undersupply
As of July 31, 2002, approximately 70 percent and 34 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 July 31, 2002, approximately 47 percent and 21 percent of
the Company's total marine fleet days were committed for the remainder of 2002
and for the year 2003, respectively. As of July 31, 2002, a $5,000 change in
the dayrate assumption associated with uncommitted fleet days in 2003 equates to
an estimated $0.58 change in earnings per share.
The unaudited operating revenues, field operating profit and operating
margin for the first six months of 2002 by business segment (International and
U.S. Floater Contract Drilling Services and Gulf of Mexico Shallow and Inland
Water) and, for the International
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and U.S. Floater Contract Drilling Services segment, broken down by operating
region are as follows:
(IN MILLIONS, EXCEPT % CHANGE)
TOTAL INT'L
NORTH MIDDLE & U.S. GOM SHALLOW
AMERICA AFRICA BRAZIL UK NORWAY ASIA EAST FLOATER & INLAND WATER
--------- -------- -------- ----- -------- ------ ------ --------- ----------------
OPERATING REVENUES $ 329 $ 246 $ 130 $180 $ 87 $ 138 $ 120 $ 1,232 $ 82
FIELD OPERATING PROFIT $ 199 $ 116 $ 44 $101 $ 35 $ 74 $ 39 $ 584 $ (16)
OPERATING MARGIN 60% 47% 34% 56% 40% 54% 33% 47% N/A
The Company's estimated capital expenditures are $160 to $200 million for
2002 and $200 million for each of 2003 and 2004.
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, changes to earnings per share resulting from a change in dayrate
assumption and expected capital expenditures. 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: August 16, 2002 By: /s/ Eric B. Brown
------------------------
Eric B. Brown
Senior Vice President, General
Counsel and Corporate Secretary
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