Transocean Inc. Announces Agreement to Sell Semisubmersibles Sedco 600 and Sedco 602
HOUSTON--(BUSINESS WIRE)--March 19, 2004--Transocean Inc. (NYSE:RIG) today announced that it has entered into agreements to sell the semisubmersibles Sedco 600 and Sedco 602 to JCE Group AB of Sweden, for net proceeds of approximately $52.7 million. Both units, which began active service in 1983, are expected to be converted to multi-service vessels, ending their use as mobile offshore drilling units.
The Sedco 600, idle in Singapore since April 2003, is currently being reactivated in preparation for an expected one-well contract. The rig is expected to complete the drilling project during the fourth quarter of 2004, with expected closing of the transaction to follow. The sale of the Sedco 602, idle in Singapore since February 2003, is expected to close during the second quarter of 2004.
Closing of the sale of both rigs is subject to certain closing conditions and regulatory approval.
Statements regarding the expected rig sales, net proceeds, conversion of rigs to multi-service vessels, drilling contract completion date, sale transaction closing dates, 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 full or partial ownership in 96 mobile offshore drilling units, excluding the 70-rig fleet of TODCO, a publicly traded drilling company in which Transocean Inc. owns a majority interest. The company's mobile offshore drilling 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, including industry-leading positions in high-specification deepwater and harsh environment drilling units. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 26 Other Floaters, 26 Jackup Rigs and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $9 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."
CONTACT: Transocean Inc., Houston Analyst Contact: Jeffrey L. Chastain, 713-232-7551 or Media Contact: Guy A. Cantwell, 713-232-7647 SOURCE: Transocean Inc.