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): June 1, 2004
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
1
ITEM 12. Results of Operations and Financial Condition.
In the tables below Transocean Inc. (the "Company") sets forth the
operating revenues, utilization and average dayrates for each quarter of 2003 by
rig category in the case of the Company's Transocean Drilling segment and by
segment in the case of the Company's TODCO segment. This information has been
updated for the Company's Transocean Drilling segment from that previously
reported to reflect the changes made in the first quarter of 2004 to the
categories used to describe this segment's fleet.
Transocean Inc.
Fleet Operating Statistics
Operating Revenues ($ Millions)
--------------------------------------------------------
Three Months Ended
--------------------------------------------------------
March 31, June 30, September 30, December 31,
2003 2003 2003 2003
----------- ---------- --------------- --------------
TRANSOCEAN DRILLING SEGMENT:
Contract Drilling Revenues
High-Specification Floaters:
Fifth-Generation Deepwater Floaters $ 175.7 $ 168.5 $ 188.7 $ 187.5
Other Deepwater Floaters $ 116.2 $ 106.0 $ 113.2 $ 96.9
Other High-Specification Floaters $ 33.3 $ 31.2 $ 32.1 $ 31.9
Total High-Specification Floaters $ 325.2 $ 305.7 $ 334.0 $ 316.3
Other Floaters $ 81.8 $ 82.7 $ 74.3 $ 67.9
Jackups $ 115.3 $ 116.6 $ 110.4 $ 104.6
Other Rigs $ 16.7 $ 18.6 $ 24.2 $ 24.4
Subtotal $ 539.0 $ 523.6 $ 542.9 $ 513.2
Client Reimbursable Revenues $ 21.6 $ 23.0 $ 20.0 $ 18.1
Integrated Services and Other $ 2.1 $ 1.9 $ 1.5 $ (0.2)
Segment Total $ 562.7 $ 548.5 $ 564.4 $ 531.1
TODCO SEGMENT: $ 53.3 $ 55.4 $ 58.5 $ 60.4
Total Company $ 616.0 $ 603.9 $ 622.9 $ 591.5
=========== ========== =============== ==============
Average Dayrates (a)
--------------------------------------------------------
Three Months Ended
--------------------------------------------------------
March 31, June 30, September 30, December 31,
TRANSOCEAN DRILLING SEGMENT: 2003 2003 2003 2003
----------- ---------- --------------- --------------
High-Specification Floaters:
Fifth-Generation Deepwater Floaters $ 183,800 $ 185,100 $ 176,600 $ 186,500
Other Deepwater Floaters $ 113,600 $ 111,500 $ 112,500 $ 101,400
Other High-Specification Floaters $ 123,300 $ 114,400 $ 117,200 $ 117,900
Total High-Specification Floaters $ 144,600 $ 143,300 $ 142,200 $ 141,800
Other Floaters $ 67,000 $ 64,800 $ 60,600 $ 60,600
Jackups $ 56,900 $ 57,400 $ 54,400 $ 53,700
Other Rigs $ 43,200 $ 41,500 $ 48,800 $ 45,200
Segment Total $ 91,600 $ 88,900 $ 89,000 $ 87,900
TODCO SEGMENT: $ 18,500 $ 17,500 $ 19,300 $ 21,500
Total Drilling Fleet $ 69,100 $ 65,300 $ 67,000 $ 67,400
Utilization
--------------------------------------------------------
Three Months Ended
--------------------------------------------------------
March 31, June 30, September 30, December 31,
TRANSOCEAN DRILLING SEGMENT: 2003 2003 2003 2003
----------- ---------- --------------- --------------
High-Specification Floaters:
Fifth-Generation Deepwater Floaters 97% 88% 97% 91%
Other Deepwater Floaters 76% 70% 73% 69%
Other High-Specification Floaters 75% 75% 74% 74%
Total High-Specification Floaters 83% 77% 82% 78%
Other Floaters 50% 52% 51% 47%
Jackups 87% 86% 85% 81%
Other Rigs 36% 41% 49% 53%
Segment Total 69% 68% 71% 68%
TODCO SEGMENT: 38% 42% 44% 40%
Total Drilling Fleet 55% 57% 59% 56%
(a) Average dayrates are defined as contract drilling revenue earned per revenue
earning day in the period and utilization is defined as the total actual number
of revenue earning days in the period as a percentage of the total number of
calendar days in the period.
The information furnished pursuant to this Item 12 shall not be deemed to
be "filed" for the purposes of Section 18 of the Securities Exchange Act of
1934, nor will it be incorporated by reference into any registration statement
filed by Transocean Inc. under the Securities Act of 1933, as amended, unless
specifically identified therein as being incorporated therein by reference. The
furnishing of the information in this report is not intended to, and does not,
constitute a determination or admission by Transocean Inc., that the information
in this report is material or complete, or that investors should consider this
information before making an investment decision with respect to any security of
Transocean Inc.
2
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: June 1, 2004 By: /s/ William E. Turcotte
-----------------------------
Name: William E. Turcotte
Title: Associate General Counsel and
Assistant Secretary
3