GlobalSantaFe and Transocean to Merge

Skadden is representing GlobalSantaFe Corporation in its definitive agreement for a merger of equals with Transocean Inc.  Both companies are among the world's largest offshore drilling contractors.

Based upon closing prices for each company's ordinary shares as of July 20, 2007, the estimated enterprise value of the combined company would be approximately $53 billion. The combined company, to be known as Transocean Inc., will retain principal offices in Houston and trade on the New York Stock Exchange.