NYSE: RIG 9.45 0.06 0.63% 4:02 P.M. ET
Share Page Print Page
Back to all news articles

Photo Release -- Transocean Ltd. Announces Ultra-Deepwater Drillship Discoverer Clear Leader Begins Five-Year Contract With Chevron

August 13, 2009

ZUG, Switzerland, Aug. 13, 2009 (GLOBE NEWSWIRE) -- Transocean Ltd. (NYSE:RIG) today announced that the Discoverer Clear Leader has commenced operations for Chevron U.S.A. Inc., a wholly owned subsidiary of Chevron Corporation (NYSE:CVX), in the U.S. Gulf of Mexico under a five-year drilling contract. The Discoverer Clear Leader is the first of five Transocean ultra-deepwater enhanced Enterprise-class drillships scheduled to commence operations in 2009 and 2010.

A photo accompanying this release is available at http://www.globenewswire.com/newsroom/prs/?pkgid=6493

The dynamically positioned, double-hulled Discoverer Clear Leader includes the most advanced drilling capabilities in the offshore drilling industry. The vessel is an enhanced version of Transocean's three predecessor Enterprise-class drillships, which have set deepwater drilling records in recent years, including the world water-depth drilling record of 10,011 feet set by the Discoverer Deep Seas while working for Chevron in the U.S. Gulf of Mexico.

The Discoverer Clear Leader's features include Transocean's patented dual-activity drilling technology, which allows for parallel drilling operations designed to save time and money in deepwater well construction, compared with conventional rigs. The dual-activity technology, along with a new and enhanced top drive system, an expanded high-pressure mud-pump system, expanded completions capabilities and other unique features of the drillship target the drilling of wells up to 40,000 feet of total depth. The rig also has a variable deckload of more than 20,000 metric tons and the capability of drilling in water depths of up to 12,000 feet.

In addition to the Discoverer Clear Leader, Transocean has four other enhanced Enterprise-class drillships in various stages of construction or preparation for initial contracts which are scheduled to commence operations in 2009 and 2010. Those four vessels, all of which have drilling contracts, are the Discoverer Americas, Discoverer Inspiration, Discoverer India and Discoverer Luanda. Another four Transocean newbuild ultra-deepwater floaters, which also have drilling contracts, are scheduled to commence operations in the next two years, including the Deepwater Champion, Dhirubhai Deepwater KG2, Petrobras 10000 and Development Driller III.

FORWARD-LOOKING STATEMENTS

Statements regarding the enhanced Enterprise-class rig, operating specifications, contract durations, revenues, cost, duration, area of operations, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, actions by customers and other third parties, factors affecting the duration of contracts including well-in-progress provisions, the actual amount of downtime, factors resulting in reduced applicable dayrates, the future price of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.

Transocean Ltd. is the world's largest offshore drilling contractor and the leading provider of drilling management services worldwide. With a fleet of 135 mobile offshore drilling units plus eight announced ultra-deepwater newbuild units, the company's fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. The company owns or operates a contract drilling fleet of 41 High-Specification Floaters (Ultra-Deepwater, Deepwater and Harsh-Environment semisubmersibles and drillships), 26 Midwater Floaters, 10 High-Specification Jackups, 55 Standard Jackups and other assets utilized in the support of offshore drilling activities worldwide.

The Transocean Ltd. logo is available at http://www.globenewswire.com/newsroom/prs/?pkgid=2252

CONTACT: Transocean Ltd.
Analyst Contact:
Gregory S. Panagos
713-232-7551
Media Contact:
Guy A. Cantwell
713-232-7647