Transocean Inc. Provides Update on Nigerian Labor Strike
HOUSTON--(BUSINESS WIRE)--May 1, 2003--Transocean Inc. (NYSE:RIG) today said that the labor strike affecting drilling operations on four of the company's rigs offshore Nigeria continues, with all 370 people remaining on board the rigs. Efforts to resolve the strike are ongoing and include discussions with local and national members of the labor union. The strike involves 100 members of the local branch of the National Union of Petroleum and Natural Gas Workers (NUPENG), and the national union has informed Transocean that it does not support the strike by the local branch. A court injunction has also been issued ordering workers to leave the rigs.
The situation on all four rigs remains calm and orderly, and no efforts have been made by the Nigerian Navy or other third parties to board the rigs. The company continues its efforts to resolve the matter through dialogue with the union and remains in close contact with government officials.
The labor strike began on April 16 on the semisubmersible M.G. Hulme, Jr. and on April 19 on the semisubmersible rig Sedco 709 and the jackup rigs Trident VI and Trident VIII by the local members of NUPENG. The strike was allegedly called to protest disciplinary proceedings against certain personnel belonging to NUPENG. At this time the company cannot estimate the possible length of the strike or its financial impact.
Statements regarding the attempted resolution of the labor strike, the duration and financial impact of the strike, 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, risks associated with international operations, actions by customers and other third parties, 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 Inc. is the world's largest offshore drilling contractor with more than 170 full or partially owned and managed mobile offshore drilling units, inland drilling barges and other assets utilized in the support of offshore drilling activities worldwide. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world with 13 fifth-generation semisubmersibles and drillships, 15 other deepwater semisubmersibles and drillships, 32 mid-water semisubmersibles and drillships and 55 jackup drilling rigs. Transocean Inc. specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. With a current equity market capitalization in excess of $6 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."
Transocean Inc., Houston
Jeffrey L. Chastain, 713/232-7551
Guy A. Cantwell, 713/232-7647
SOURCE: Transocean Inc.