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DEALING WITH PIRATES
France wants UN Security Council blessing for international naval patrols empowered to hunt down pirates, even in territorial waters. What do you think?

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Marine Log

April 21, 2008

Transocean President and COO to retire

Offshore drilling contractor Transocean, Inc. today filed an 8K with the SEC saying:

On April 21, 2008, Jon A. Marshall, President and Chief Operating Officer of Transocean Inc. (the "Company") notified the Company of his intention to retire. Mr. Marshall will resign as President and Chief Operating Officer effective May 1, 2008 to devote more time to his family. Mr. Marshall will continue to serve as a director of the Company.

Earlier this month Mr. Marshall filed a Form 4 with the SEC saying he had exercised options for 82,784 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing Wednesday.

He exercised options for the shares for $96.17 apiece and then sold the same number of shares for $149 to $149.28 apiece.

By our math that netted him somewhat more than $4.3 million

Mr. Marshall started his career as a roustabout, and worked his way through the rig ranks to toolpusher before assuming a role in rig management. He subsequently held numerous operational and management positions of increasing authority including President of ADTI and Challenger Minerals Inc., President of Global Marine Drilling Company and Chief Operating Officer of GlobalSantaFe. He served as a Director and Chief Executive Officer of GlobalSantaFe from May 2003 to November 2007, when it merged with Transocean to form the world's largest offshore drilling contractor.

Mr. Marshall earned a bachelor's degree in Engineering from the U.S Military Academy at West Point.


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