Transocean Sedco Forex’s COO Retires, Management Changes

Transocean Sedco Forex Inc., announced that W. Dennis Heagney, executive vice president and chief operating officer, will retire from the company in June 2002, after 33 years of service. Heagney began his career in 1969 with The Offshore Company, a predecessor of Transocean Sedco Forex and has worked in a variety of operating and marketing roles in both the United States and International locations. The board of directors has appointed Robert L. Long as president of Transocean Sedco Forex Inc., effective immediately. Long will also assume the role of Chief Operating Officer upon the retirement of Heagney in June 2002. Long joined the company in 1975 and has held numerous operational and financial roles over his 26-year career including division engineer, division manager of the North Sea and Egypt and his most recent role as executive vice president and chief financial officer. A 1968 graduate of the U.S. Naval Academy, Long attended the U.S. Naval Nuclear Power School and in 1975 earned his M.B.A. in Finance from the Harvard Graduate Scholl of Business.

In addition, the company’s board has appointed Gregory L. Cauthen as vice president and chief financial officer of Transocean Sedco Forex Inc., effective immediately. Cauthen, who presently serves as vice president of finance, joined the company in March 2001 following management positions with Arthur Young, First Interstate Bank and Service Corporation International, where he was senior vice president and president of SCI Financial Services, Inc. Cauthen holds a Masters in Accounting from the University of Florida, Gainesville, and is a Certified Public Accountant.