Transocean Inc. Awarded Contracts for High-Specification Rigs Transocean Leader and Discoverer Seven Seas
HOUSTON--(BUSINESS WIRE)--Oct. 11, 2005--Transocean Inc. (NYSE:RIG) today announced that the Transocean Leader, a fourth-generation, deepwater semisubmersible rig, has been awarded a one-year contract from Statoil ASA (NYSE:STO, OSE:STL) for exploration and development drilling operations offshore Norway. The Transocean Leader is expected to commence the contract by September 2007, in direct continuation of the rig's current contract, also with Statoil in Norway. Revenues of approximately $133 million could be generated over the one-year contract period.
In addition, the company announced that Oil and Natural Gas Corporation Ltd. (ONGC) of India has awarded the ultra-deepwater drillship Discoverer Seven Seas a three-year contract for drilling operations offshore India. The drillship is expected to complete its current three-year contract with ONGC by February 2007 and commence the new contract by the end of May 2007, following an estimated 90-day planned shipyard program. Revenues of approximately $345 million could be generated over the three-year contract period, excluding revenues for comprehensive services that include well planning, operations support and logistics management.
The estimated contract revenues for each rig are exclusive of revenues for mobilization, demobilization and client reimbursables.
The Transocean Leader and Discoverer Seven Seas are two of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rigs can operate in water depths of up to 4,500 feet and 7,000 feet, respectively.
Statements regarding contract duration, contract commencement date, revenues, 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, the future price of oil and gas, the actual revenues earned 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 a fleet of 92 mobile offshore drilling units. The company's mobile offshore drilling fleet, consisting of a large number of high-specification deepwater and harsh environment drilling units, 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's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 24 Other Floaters, 25 Jackup Rigs and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $18 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."
CONTACT: Transocean Inc. Analyst Contact Jeffrey L. Chastain, 713-232-7551 or Media Contact Guy A. Cantwell, 713-232-7647 SOURCE: Transocean Inc.