Transocean Inc. Awarded 15-Rig-Year, Estimated $805 Million Jackup Rig Program in India
HOUSTON--(BUSINESS WIRE)--Feb. 6, 2006--Transocean Inc. (NYSE:RIG) today announced that Oil and Natural Gas Corporation Ltd. (ONGC) of India has awarded contracts for five of the company's jackup rigs totaling 15 rig years and an estimated $805 million in revenues that could be generated over the primary terms of the contract.
The five jackup rigs, Ron Tappmeyer, Randolph Yost, Trident II, Trident XII and J.T. Angel, have each been awarded three-year contracts with revenues of approximately $161 million per unit possible over the period, excluding revenues for mobilization, demobilization, contract preparation, client reimbursables and integrated services. Each rig is expected to commence the new three-year contract in direct continuation of existing contracts and, with respect to the Trident II and J.T. Angel, following planned shipyard programs.
The Ron Tappmeyer, Randolph Yost and Trident XII are presently under contract to ONGC in India, with contract completion dates currently expected in November 2006. The Trident II is also operating offshore India for ONGC, with a current estimated contract completion date in May 2006, followed by an estimated 120 days of out-of-service time for maintenance. The J.T. Angel, which is currently operating offshore Indonesia, is expected to complete an existing contract with EMP Kangean Ltd. in February 2006, followed by an estimated 100 days of out-of-service time for maintenance and another contract in Indonesia, with an estimated duration of six months, which is pending under a letter of intent.
Statements regarding contract durations, contract commencement dates, revenues, timing and duration of shipyards, 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 and weather conditions, 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 Inc. is the world's largest offshore drilling contractor with a fleet of 90 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), 23 Other Floaters, 25 Jackups and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $26 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."
CONTACT: Transocean Inc. Jeffrey L. Chastain, 713-232-7551 (Analyst Contact) or Guy A. Cantwell, 713-232-7647 (Media Contact) SOURCE: Transocean Inc.