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
Cole, Jon C.
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)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Senior Vice President
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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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 | |10,000 |A |$22.00 | | | |
|7 | | | | | | | | |
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Common Stock |8/27/9|M | |15,000 |A |$18.50 | | | |
|7 | | | | | | | | |
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Common Stock |8/27/9|S | |25,000 |D |$89.50 | | | |
|7 | | | | | | | | |
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Common Stock |3/12/9|A |V|1,800(1) |A | |27,414(2) |D | |
|7 | | | | | | | | |
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Common Stock | | | | | | |2,711 |I |(3) |
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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|$22.00 |8/27/|M | |10,000 |D |(4) |6/03/|Common Stock|10,000 | |0 |D | |
s | |97 | | | | | |03 | | | | | | |
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Executive Stock Option|$16.75 | | | | | |(5) |1/28/|Common Stock| | |40,000 |D | |
s | | | | | | | |04 | | | | | | |
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Executive Stock Option|$18.50 |8/27/|M | |15,000 |D |(6) |8/31/|Common Stock|15,000 | |35,000 |D | |
s | |97 | | | | | |04 | | | | | | |
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Executive Stock Option|$21.00 | | | | | |(7) |2/23/|Common Stock| | |14,330 |D | |
s | | | | | | | |05 | | | | | | |
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Executive Stock Option|$46.875 | | | | | |(8) |2/22/|Common Stock| | |12,900 |D | |
s | | | | | | | |06 | | | | | | |
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Executive Stock Option|$57.50 |3/12/|A |V|8,800 |A |(9) |3/11/|Common Stock|8,800 | |8,800 |D | |
s | |97 | | | | | |07 | | | | | | |
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Explanation of Responses:
(1) Grant of restricted stock under the Transocean Offshore Inc. Long-Term
Incentive Plan ("LTIP"). The shares
vest as follows: 600 on 3/12/00, 600 on 3/12/01 and 600 on
3/12/02.
(2) Includes shares of unvested restricted stock granted under the
LTIP.
(3) 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.
(4) Grant of 10,000 options under the LTIP exercisable as follows: 3,333 on
6/4/94, 3,333 on 6/4/95 and 3,334 on
6/4/96.
(5) Grant of 40,000 options under the LTIP exercisable as follows: 13,333 on
1/28/95, 13,334 on 1/28/96 and
13,333 on
1/28/97.
(6) Grant of 50,000 options under the LTIP exercisable as follows: 50,000 on
6/21/95.
(7) Grant of 14,330 options under the LTIP exercisable as follows: 4,777 on
2/24/96, 4,776 on 2/24/97 and 4,777 on
2/24/98.
(8) Grant of 12,900 options under the LTIP exercisable as follows: 4,300 on
2/23/97, 4,300 on 2/23/98 and 4,300 on
2/23/99.
(9) Grant of 8,800 options under the LTIP exercisable as follows: 2,933 on
3/12/98, 2,933 on 3/12/99 and 2,934 on
3/12/2000.
This statement confirms that the undersigned has authorized and designated Eric
B. Brown and Nicolas J. Evanoff to
execute and file on the undersigned's behalf all Forms 3, 4 and 5 (including
any amendments thereto) that the
undersigned may be required to file with the U.S. Securities Exchange
Commission as a result of the undersigned's
ownership of or transactions in securities of Transocean Offshore Inc. The
authority of Eric B. Brown and Nicolas
J. Evanoff shall continue until the undersigned is no longer required to file
Forms 3, 4 and 5 with regard to securities
of Transocean Offshore Inc., unless earlier revoked in writing. The
undersigned acknowledges that neither Eric B.
Brown nor Nicolas J. Evanoff are assuming any of the undersigned's
responsibilities to comply with Section 16 of
the Securities Exchange Act of
1934.
Date: September 10, 1997
/s/ Jon C. Cole
SIGNATURE OF REPORTING PERSON
/s/ JON C. COLE by NICOLAS J. EVANOFF
DATE
September 10, 1997
