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RIG $ 137,55 Transocean CEO Long Exercises Options
Monday December 3, 2:39 pm ET
Transocean Chief Executive Robert L. Long Exercises Options for 287,059 Shares of Stock

WASHINGTON (AP) -- The chief executive and director of offshore oil drilling Transocean Inc. exercised options for 287,059 shares of common stock under a prearranged trading plan, according to a Securities and Exchange Commission filing.

In a Form 4 filed Friday with the SEC, Robert L. Long reported he exercised the options Thursday for $22.58 to $59.99 apiece and then sold all 287,059 shares on the same day for $134.80 to $137.71 apiece.

The stock sale was conducted under a prearranged 10b5-1 trading plan which allows company insiders to set up a program in advance for such transactions and proceed even if they come into possession of material nonpublic information.

Insiders file Form 4s with the SEC to report transactions in their companies' shares. Open market purchases and sales must be reported within two business days of the transaction.

Transocean is based in Houston.