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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): April 5, 2002
TRANSOCEAN SEDCO FOREX 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, information is being furnished below in
connection with presentations being made by officers of Transocean Sedco Forex
Inc. (the "Company"):
For the year ended December 31, 2001, the sources of the Company's revenue
by asset type were: High-Specification Floaters (44 percent), Other Floaters (21
percent), International Jackups/Other (21 percent), U.S. Jackups/Submersibles (8
percent) and U.S. Barges (6 percent). For the year ended December 31, 2001, the
sources of the Company's revenue by geographic location were: North
America/Floaters (22 percent), Gulf of Mexico Shallow and Inland Water segment
(14 percent), Africa (14 percent), South America (13 percent), U.K. North Sea
(13 percent), Norway (8 percent), Asia/Australia (8 percent), Middle East,
India, Caspian Sea (5 percent) and Other (3 percent).
The Company's current view of supply/demand balance for the Company's
deepwater rigs is over supply in the Gulf of Mexico market segment, balance in
the North Sea and Brazil market segments and under supply in the West Africa,
Middle East and Southeast Asia market segments. The Company's current view of
supply/demand balance for the Company's midwater rigs is over supply in the Gulf
of Mexico, North Sea, West Africa and Southeast Asia market segments and balance
in the Brazil market segment. The Company's current view of supply/demand
balance for the Company's jackup rigs is over supply in the Gulf of Mexico
market segment, balance in the North Sea and Brazil market segments and under
supply in the West Africa, Middle East and Southeast Asia market segments.
For the Company's International and U.S. Floater Contract Drilling Services
segment, 62 percent of the fleet days in the year 2002 were committed as of
March 28, 2002, and 38 percent were uncommitted. For the year 2003, 24 percent
of the fleet days of this segment were committed as of March 28, 2002, and 76
percent were uncommitted. For the Company's Gulf of Mexico Shallow & Inland
Water segment, 4 percent of the fleet days in the year 2002 were committed as of
March 28, 2002, and 96 percent were uncommitted. For the year 2003, 100 percent
of the fleet days of this segment were uncommitted as of March 28, 2002. A
$5,000 change in the dayrate assumption associated with uncommitted fleet days
in 2002 equates to an estimated $0.45 change in earnings per share.
The Company has received total proceeds of approximately $240 million from
asset sales since January 31, 2001.
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
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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,
committed and uncommitted fleet days, changes to earnings per share resulting
from a change in dayrate assumption and rig demand. 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-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 SEDCO FOREX INC.
Date: April 5, 2002 By: /s/ JEAN P. CAHUZAC
---------------------------------
Jean P. Cahuzac
Executive Vice President, Operations
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