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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): August 7, 2001
TRANSOCEAN SEDCO FOREX INC.
(Exact name of registrant as specified in its charter)
CAYMAN ISLANDS 333-75899 N/A
(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 the officers of Transocean Sedco
Forex Inc. (the "Company"):
TRANSOCEAN SEDCO FOREX DAYRATE TREND INFORMATION:
DEEPWATER DAYRATE TRENDS
(DRILLSHIPS AND SEMISUBMERSIBLES)
GULF OF MEXICO NORTH SEA WEST AFRICA BRAZIL
-------------- --------- ----------- ------
SHORT-TERM TREND generally flat generally flat generally flat generally flat
Deepwater means water depths of 4,000 ft. and greater.
MIDWATER DAYRATE TRENDS
(DRILLSHIPS AND SEMISUBMERSIBLES)
GULF OF MEXICO NORTH SEA WEST AFRICA BRAZIL S.E. ASIA
-------------- --------- ----------- ------ ---------
SHORT-TERM TREND generally flat generally generally generally flat generally flat
increasing increasing
Midwater means water depths of less than 4,000 ft.
JACKUP DAYRATE TRENDS
GULF OF MEXICO NORTH SEA WEST AFRICA S.E. ASIA MIDEAST
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SHORT-TERM TREND generally generally generally generally generally
decreasing increasing increasing increasing increasing
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OPERATING REVENUES AND FIELD OPERATING PROFIT BY REGION:
YEAR TO DATE JUNE 2001 ACTUAL
(IN MILLIONS OF U.S. DOLLARS)
U.S.
NORTH SHALLOW & MIDDLE
AMERICA INLAND AFRICA BRAZIL U.K. NORWAY ASIA EAST
------- ------ ------ ------ ---- ------ ---- ----
OPERATING REVENUES $271 $221 $190 $173 $125 $114 $87 $65
FIELD OPERATING PROFIT $153 $110 $76 $54 $77 $42 $31 $35
OPERATING MARGIN 56% 50% 40% 31% 62% 37% 36% 54%
U.S. FOREIGN
---- -------
OPERATING REVENUES 39% 61%
FIELD OPERATING PROFIT 46% 54%
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TRANSOCEAN SEDCO FOREX INC. CONSOLIDATED BALANCE SHEETS
(IN MILLIONS OF U.S. DOLLARS, EXCEPT RATIOS)
JUNE 30, 2001 MARCH 31, 2001
------------- --------------
(unaudited)
Assets
------
Current Assets:
Cash and Temporary Investments $109 $265
Accounts Receivable, net 786 658
Materials and Supplies 156 152
Other Current Assets 63 82
--- ---
1,114 1,157
------ ------
Property and Equipment, net 8,745 8,769
Goodwill, net 6,521 6,565
Other Assets 409 385
---- ----
$16,789 $16,876
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Liabilities and Shareholders' Equity
------------------------------------
Debt due Within One Year $121 $261
Other Current Liabilities 661 731
Long-Term Debt 4,685 4,613
Deferred Income Taxes 439 468
Other Non-Current Liabilities 113 113
Shareholders' Equity 10,770 10,690
------- -------
$16,789 $16,876
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Selected Balances and Ratios
----------------------------
Consolidated Debt $4,806 4,874
Debt/Total Capital 30.9% 31.3%
Debt/Total Capital (excluding Goodwill, net) 53.1% 54.2%
The above information should be read in conjunction with the audited
consolidated financial statements and the notes thereto included in the
Company's Annual Report on Form 10-K for the year ended December 31, 2000.
COMMITTED FLEET DAYS
As of August 2001, 71 percent of the remaining fleet days in the year
2001 for the Company's International/U.S. Floater Contract Drilling Services
segment are committed, and 29 percent are uncommitted. 25 percent of the
remaining fleet days in the year 2001 for the Company's Gulf of Mexico Shallow
& Inland Water segment are committed, and 75 percent are uncommitted. The
estimated operating revenue for the remaining committed fleet days for the two
segments in 2001 is $1.0 billion.
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As of August 2001, 35 percent of the fleet days in the year 2002 for
the Company's International/U.S. Floater Contract Drilling Services segment are
committed, and 65 percent are uncommitted. None of the fleet days in the year
2002 for the Company's Gulf of Mexico Shallow & Inland Water segment are
committed. The estimated operating revenue for the committed fleet days for the
two segments in 2002 is $1.3 billion.
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 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,
statements involving expected operating revenues, committed and uncommitted
fleet days, future market conditions and expected dayrates (including
short-term trends). 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 rigs, competition and market conditions in the contract drilling
industry, actions and approvals of third parties, the Company's ability to
successfully integrate the operations of acquired businesses, delays or cost
overruns on construction projects and possible cancellation of drilling
contracts as a result of delays or performance, outcome of ongoing discussions
regarding newbuilds, 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), the impact of
governmental laws and regulations, the adequacy of sources of liquidity, the
effect of litigation and contingencies and other factors described above and
discussed in the Company's Form 10-K for the year ended December 31, 2000 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: August 7, 2001 By: /s/ ERIC BROWN
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Eric Brown
Senior Vice President, General
Counsel and Corporate Secretary
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