UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Talbert, J. Michael
4 Greenway Plaza
Houston, TX 77046
USA
2. Issuer Name and Ticker or Trading Symbol
Transocean Offshore Inc.
RIG
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
September 10, 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Chairman of the Board and Chief Executive Officer
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |8/27/9|M | |35,000 |A |$18.50 | | | |
|7 | | | | | | | | |
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Common Stock |8/27/9|S | |35,000 |D |$90.4375 | | | |
|7 | | | | | | | | |
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Common Stock | | | | | | |41,895(1) |D | |
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Common Stock | | | | | | |270 |I |(2) |
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<CAPTION>
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Executive Stock Option| $18.50 |8/27/|M | |35,000 |D |(3) |8/31/|Common Stock|35,000 | |40,000 |D | |
s | |97 | | | | | |04 | | | | | | |
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Executive Stock Option|$21.00 | | | | | |(4) |2/23/|Common Stock| | |39,030 |D | |
s | | | | | | | |05 | | | | | | |
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Executive Stock Option|$46.875 | | | | | |(5) |2/22/|Common Stock| | |32,200 |D | |
s | | | | | | | |06 | | | | | | |
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Executive Stock Option|$57.50 | | | | | |(6) |3/11/|Common Stock| | |24,000 |D | |
s | | | | | | | |07 | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) Includes shares of unvested restricted stock granted under the Transocean
Offshore Inc. Long-Term Incentive
Plan
("LTIP").
(2) Shares held under the Transocean Offshore Savings Plan at 12/31/96. The
number of shares listed is
approximate because Plan accounting is on a unit
basis.
(3) Grant of 175,000 options under the LTIP exercisable as follows: 175,000
on 6/21/95.
(4) Grant of 39,030 options under the LTIP exercisable as follows: 13,010 on
2/24/96, 13,010 on 2/24/97 and 13,010
on
2/24/98.
(5) Grant of 32,200 options under the LTIP exercisable as follows: 10,733 on
2/23/97, 10,733 on 2/23/98 and
10,734 on
2/23/99.
(6) Grant of 24,000 options under the LTIP exercisable as follows: 8,000 on
3/12/98, 8,000 on 3/12/99 and 8,000 on
3/12/2000.
SIGNATURE OF REPORTING PERSON
/s/ J. MICHAEL TALBERT by NICOLAS J. EVANOFF
DATE
September 10, 1997
