Transocean’s shareholders will be asked to vote in favor of the proposal at a shareholders meeting. If approved by Transocean’s shareholders, and subject to the approval of the Grand Court of the Cayman Islands, Transocean expects the change of the place of incorporation to be effective following approval from the court, which is expected to occur in late 2008 or early 2009.
In connection with the change of the place of incorporation, Transocean plans to relocate its principal executive offices to Geneva, Switzerland. Following the redomestication, the company expects 14 officers, including Transocean CEO Bob Long, and a small number of related support staff to relocate to Geneva.
Transocean’s operations will continue to be conducted through existing subsidiaries, while the Houston office will also continue to provide corporate, technical and support services to worldwide operations.
