Document:

Exhibit 4.2

 

AMENDMENT
TO WARRANT AGREEMENT

 

THIS AMENDMENT TO WARRANT AGREEMENT, dated as of
November 27, 2007 (the “Amendment”), by and between Transocean Inc.
(formerly Transocean Sedco Forex Inc.), a company incorporated under the laws
of the Cayman Islands (the “Company”), and The Bank of New York, a bank and
trust company organized and existing under the laws of New York (the “Warrant
Agent”), successor to the American Stock Transfer & Trust Company.

 

WHEREAS, pursuant to the Warrant Agreement dated as of
April 22, 1999 (the “Warrant Agreement”), by and between TODCO (formerly
R&B Falcon Corporation), a Delaware corporation (“R&B Falcon”), and the
American Stock Transfer & Trust Company, a bank and trust company organized
and existing under the laws of New York (the “Predecessor Warrant Agent”),
R&B Falcon appointed the Predecessor Warrant Agent to act as agent for
R&B Falcon in connection with the issuance, exchange, cancellation,
replacement and exercise of warrants (the “Warrants”) to purchase 35 shares of
common stock, par value $.01 per share, of R&B Falcon (“R&B Falcon
Common Stock”) issued pursuant to the Warrant Agreement at an exercise price of
$9.50 per share of R&B Falcon Common Stock; and

 

WHEREAS, pursuant to an Agreement and Plan of Merger,
dated as of August 19, 2000, by and among the Company, Transocean Holdings
Inc., a Delaware corporation and a wholly owned subsidiary of the Company (“Sub”),
TSF Delaware Inc., a Delaware corporation and a wholly owned subsidiary of Sub,
and R&B Falcon (i) each outstanding share of R&B Falcon Common Stock
was converted into the right to receive .5 ordinary shares, par value $.01 per
share, of the Company (“Company Ordinary Shares”) and (ii) R&B Falcon
became an indirect wholly owned subsidiary of the Company; and

 

WHEREAS, pursuant to a Supplement to Warrant Agreement
dated as of January 31, 2001, the Company assumed the Warrants and the Warrants
became exercisable for 17.5 Company Ordinary Shares at an exercise price of $19
per Company Ordinary Share; and

 

WHEREAS, on July 21, 2007, the Company entered into an
Agreement and Plan of Merger (the “Merger Agreement”), by and among the
Company, GlobalSantaFe Corporation, a company incorporated under the laws of
the Cayman Islands, and Transocean Worldwide Inc., a company incorporated under
the laws of the Cayman Islands and a direct wholly owned subsidiary of the
Company; and

 

WHEREAS, pursuant to the Merger Agreement, at the
Initial Effective Time (as defined in the Merger Agreement) each outstanding
Company Ordinary Share will be reclassified as, and converted into, (i) 0.6996
validly issued, fully paid and nonassessable Company Ordinary Shares, and (ii)
$33.03 in cash (the “Reclassification”); and

 

WHEREAS, pursuant to Sections 17(a) and (c) of the
Warrant Agreement, upon consummation of the Reclassification, each Warrant will
represent the right, subject to the provisions contained in the Warrant
Agreement and in the certificate evidencing such Warrant, to purchase from the
Company 12.243 Company Ordinary Shares on exercise of such Warrant and payment
of an adjusted exercise price to be determined pursuant to such Sections; and

 

 

WHEREAS, pursuant to Section 26 of the Warrant
Agreement, the Company and the Warrant Agent may from time to time supplement
or amend the Warrant Agreement without the approval of any holders of Warrants
in order to cure any ambiguity or to correct or supplement any provision
contained therein which may be defective or inconsistent with any other
provision therein, or to make any other provisions in regard to matters or
questions arising thereunder which the Company and the Warrant Agent may deem
necessary or desirable and which shall not in any way adversely affect the
interests of the holders of Warrants; and

 

WHEREAS, the Company deems it desirable to amend the
Warrant Agreement to provide that, upon consummation of the Reclassification,
on exercise of the Warrants, each holder of Warrants will have a right to
receive, at such holder’s election, the same consideration that a holder of a
Warrant would have owned immediately after the Reclassification if such holder
had exercised such Warrant immediately prior to the Reclassification in lieu of
the adjustment of such Warrant pursuant to Section 17;

 

NOW, THEREFORE, in consideration of the premises and
the mutual agreements herein set forth, the parties hereto agree as follows:

 

1. Upon consummation of the Reclassification, each
Warrant shall, at the election of the holder of such Warrant, represent the
right, subject to the provisions contained in the Warrant Agreement and in the
certificate evidencing such Warrant, to purchase from the Company (and the
Company shall issue and sell to such holder of the Warrant) 12.243 Company
Ordinary Shares (the “Warrant Shares”) and to receive (and the Company shall
deliver to such holder of the Warrant) $578.025 on exercise of such Warrant and
payment of the exercise price of $19.00 per Company Ordinary Share for which
such Warrant was exercisable prior to consummation of the Reclassification (the
“Exercise Price”) in lieu of the adjustment of the Exercise Price or the number
of Warrant Shares issuable upon the exercise of such Warrant pursuant to
Section 17 of the Warrant Agreement in connection with the Reclassification.

 

2. Except as expressly supplemented and amended
hereby, the terms and conditions of the Warrant Agreement shall remain in full
force and effect.

 

3. To the extent that any provision hereof conflicts
with any provision of the Warrant Agreement, the provision hereof shall
control.

 

4. Notwithstanding the date of execution hereof, this
Amendment shall be deemed effective as of the Initial Effective Time (as
defined in the Merger Agreement) and if such Initial Effective Time does not
occur, this Amendment shall be void and of no force or effect.

 

5. This Amendment shall be governed by and construed
in accordance with the laws of New York.

 

6. This Amendment may be executed in counterparts and
each of such counterparts shall for all purposes be deemed to be an original,
and all such counterparts shall together constitute but one and the same
instrument.

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed, as of the day and year first above written.

 

 

	
   

  	
  TRANSOCEAN INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Eric B.
  Brown

  
	
   

  	
  Name: Eric B.
  Brown

  
	
   

  	
  Title: Senior
  Vice President and

  
	
   

  	
  General Counsel

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  THE BANK OF NEW
  YORK

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Steven Myers

  
	
   

  	
  Name: Steven
  Myers

  
	
   

  	
  Title: Vice
  PresidentExhibit 4.4

 

FIRST
SUPPLEMENTAL INDENTURE

 

FIRST SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of November 27, 2007,
between Transocean Worldwide Inc., a Cayman Islands company (“TOWW”), GlobalSantaFe Corporation, a Cayman Islands company
(the “Company”), and Wilmington Trust
Company, as trustee (the “Trustee”).

 

WITNESSETH:

 

WHEREAS, the
Company has heretofore executed and delivered to the Trustee an Indenture dated
as of February 1, 2003 (the “Indenture”)
providing for the Company’s issuance from time to time of the Company’s unsecured
senior debentures, notes or other evidences of indebtedness (the “Securities”),
issuable in one or more series as provided in the Indenture;

 

WHEREAS,
$250,000,000 aggregate principal amount of the Company’s 5% Notes due 2013 have
been issued and are outstanding under the Indenture (the “5% Notes”);

 

WHEREAS,
pursuant to the Agreement and Plan of Merger dated as of July 21, 2007, between
the Company, Transocean Inc., a Cayman Islands company, and TOWW, the Company
is, concurrently with the execution and delivery of this First Supplemental
Indenture, merging with and into TOWW by way of a scheme of arrangement
qualifying as an amalgamation under the Companies Law (2007 Revision) of the
Cayman Islands (the “Merger”), with
TOWW being the surviving company;

 

WHEREAS, Section
5.01 of the Indenture provides that TOWW, as the surviving company of the Merger,
is required to expressly assume, by a supplemental indenture, the due and
punctual payment of the principal of, premium (if any) and interest on and any
Additional Amounts with respect to all the Securities and the performance of
the Company’s covenants and obligations under the Indenture and the Securities;

 

WHEREAS,
Section 9.01 of the Indenture permits the execution of supplemental indentures
without the consent of any Holders to evidence the succession of another Person
to the Company and the assumption by any such successor of the covenants of the
Company in the Indenture and the Securities;

 

WHEREAS,
pursuant to the foregoing authority, the Company and TOWW propose, in and by
this First Supplemental Indenture, to supplement and amend the Indenture;

 

WHEREAS, all
things necessary to make this First Supplemental Indenture a valid agreement of
the Company and TOWW, in accordance with its terms, have been done;

 

NOW,
THEREFORE, in consideration of the foregoing and for good and valuable
consideration, the receipt of which is hereby acknowledged, the Company, TOWW and
the Trustee mutually covenant and agree for the equal and proportionate benefit
of the Holders of the Securities, as follows:

 

 

1.             Capitalized Terms. Capitalized terms used herein and not
defined herein shall have the meaning ascribed to them in the Indenture.

 

2.             Succession by Merger. As of the effective time of the Merger,
(i) TOWW shall become the successor to the Company for all purposes of the
Indenture, and (ii) TOWW hereby expressly assumes the due and punctual payment
of the principal of, premium (if any) and interest on and any Additional Amounts
on all the Securities and the performance of the Company’s covenants and
obligations under the Indenture and the Securities.

 

3.             Adoption, Ratification and Confirmation. The Indenture, as
supplemented and amended by this First Supplemental Indenture, is in all
respects hereby adopted, ratified and confirmed, and this First Supplemental
Indenture shall be deemed part of the Indenture in the manner and to the extent
herein and therein provided. The provisions of this First Supplemental
Indenture shall, subject to the terms hereof, supersede the provisions of the
Indenture to the extent the Indenture is inconsistent herewith.

 

4.             Trust Indenture Act Controls. If any provision of this First
Supplemental Indenture limits, qualifies or conflicts with the duties imposed
by operation of TIA Section 318(c), the imposed duties shall control.

 

5.             Governing Law. THIS FIRST SUPPLEMENTAL INDENTURE SHALL BE
GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK,
WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAWS TO THE
EXTENT THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY.

 

6.             Severability. In case any provision in this First
Supplemental Indenture shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall, to the
fullest extent permitted by applicable law, not in any way be affected or
impaired thereby.

 

7.             Counterpart Originals. The parties may sign any number of
copies of this First Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement.

 

8.             Successors. All agreements of TOWW and the Company in this
First Supplemental Indenture shall bind their respective successors. All
agreements of the Trustee in this First Supplemental Indenture shall bind its
successors.

 

9.             Headings. The headings of the Sections of this First
Supplemental Indenture have been inserted for convenience of reference only,
are not to be considered a part hereof and shall in no way modify or restrict
any of the terms or provisions hereof.

 

10.           Benefits of
First Supplemental Indenture. Nothing in this First Supplemental Indenture,
express or implied, shall give to any Person, other than the parties hereto,
any Security Registrar, any Paying Agent and their successors hereunder, and
the Holders of the 5% Notes, and benefit or any legal or equitable right,
remedy, claim under this First Supplemental Indenture.

 

2

 

11.           Acceptance
by Trustee. The Trustee accepts the amendments to the Indenture
effected by this First Supplemental Indenture and agrees to execute the trusts
created by the Indenture as hereby amended, but only upon the terms and
conditions set forth in this First Supplemental Indenture and the Indenture. Without
limiting the generality of the foregoing, the Trustee assumes no responsibility
for the correctness of the recitals contained herein, which shall be taken as
the statements of TOWW and the Company and except as provided in the Indenture,
the Trustee shall not be responsible or accountable in any way whatsoever for
or with respect to the validity or execution or sufficiency of this First
Supplemental Indenture, and the Trustee makes no representation with respect
thereto.

 

3

 

IN WITNESS
WHEREOF, the parties hereto have caused this First Supplemental Indenture to be
duly executed as of the day and year first above written.

 

	
   

  	
  GLOBALSANTAFE CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ James L. McCulloch

  	
   

  
	
   

  	
   

  	
  Name: James L. McCulloch

  
	
   

  	
   

  	
  Title: Senior Vice President and General
  Counsel

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  TRANSOCEAN WORLDWIDE INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Gregory L. Cauthen

  	
   

  
	
   

  	
   

  	
  Name: Gregory L. Cauthen

  
	
   

  	
   

  	
  Title: Vice President, Treasurer and
  Assistant Secretary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By

  	
  /s/ Michael G. Oller, Jr.

  	
   

  
	
   

  	
   

  	
  Name: Michael G. Oller, Jr.

  
	
   

  	
   

  	
  Title: Senior Financial Services Officer

  

 

4

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