HOUSTON–(BUSINESS WIRE)–May 7, 2001

The company will take up and pay all shares which have been validly deposited under the offer within the time period prescribed by law.

Transocean Sedco Forex completed its merger with R&B Falcon Corporation on January 31, 2001. Therefore, results for the three months ended March 31, 2001 reflect only two months of R&B Falcon operations. Pro forma utilization measures noted below have been calculated based on the combined fleet of Transocean Sedco Forex and R&B Falcon for the full first quarter 2001 and equivalent period of 2000.

Andre J. Lascelle, executive VP & VP/Finance, 819/825-4841 REPEATS: New York 212-575-8822 or 800-221-2462; Boston 617-236-4266 or

CONTACT: Le Groupe Forex Inc.

Revenues derived from the Company’s Gulf of Mexico Shallow and Inland Water business segment, consisting of jackup and submersible drilling rigs and inland drilling barges, was $82.0 million during the three months ended March 31, 2001. Operating income for this business segment (before depreciation and amortization and general and administrative expenses) was $39.2 million. The segment’s jackup and submersible pro forma utilization during the three months ended March 31, 2001 was 74%, while the inland barge pro forma utilization totaled 67%. The pro forma utilization figures include eight jackups and submersibles and nine inland drilling barges not marketed during the quarter. During the corresponding three months in 2000, jackup and submersible and inland drilling barge pro forma utilization totaled 50% and 39%, respectively.

Transocean Sedco Forex Inc. (NYSE:RIG) today announced that net income for the three months ended March 31, 2001 totaled $30.5 million or $0.11 per diluted share on revenues of $550.1 million. The first quarter results include a $15.9 million, $0.06 per diluted share net after-tax gain resulting from the February 2001 sale of a semisubmersible rig owned by a joint venture in which the Company has a 25% equity interest. Adjusting for the net after-tax gain, net income for the three months ended March 31, 2001 was $14.6 million or $0.05 per diluted share. Net income for the first quarter of 2000, which was prior to the Company’s merger with R&B Falcon Corporation, was $32.5 million or $0.15 per diluted share and included a $25.1 million (net $0.08 per diluted share) cash settlement relating to the early termination of a rig contract. Revenues during the first quarter of 2000 totaled $300.8 million.

J. Michael Talbert, President and Chief Executive Officer of Transocean Sedco Forex Inc., stated, “As expected, first quarter 2001 results were hindered by approximately 575 days at zero revenue, caused by scheduled maintenance and repairs on our mobile offshore drilling fleet. During the second quarter of 2001, 13 mobile offshore drilling units are planned to be in shipyards for varying amounts of time expected to total approximately 400 days at zero revenue. However, by mid-year 2001, we expect to have completed over two-thirds of the planned fleet shipyard projects for 2001, significantly reducing the associated days at zero revenue for the second half of the year. This expectation, together with the addition of our final four newly constructed semisubmersibles and an anticipated continuation of improving industry fundamentals, should provide the foundation for improving earnings performance for the remainder of 2001.”

Revenues derived from the Company’s International and U.S. Floater Contract Drilling Services business segment, consisting of high specification floaters, other floaters, non-U.S. jackups, other mobile offshore drilling units and other offshore support services, totaled $468.1 million during the three months ended March 31, 2001. Operating income for this segment, before depreciation and amortization and general and administrative expenses, was $159.9 million. Pro forma utilization for the high specification floaters, other floaters and non-U.S. jackups during the three months ended March 31, 2001 was 83%, 70% and 79%, respectively, and compares to pro forma utilization of 73%, 59% and 67%, respectively, during the same three months in 2000.

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