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Transocean Inc. Awarded Three-Year Contract Extension for Fifth-Generation Deepwater Drillship Discoverer Enterprise

February 27, 2006

HOUSTON--(BUSINESS WIRE)--Feb. 27, 2006--Transocean Inc. (NYSE:RIG) today announced that BP America Production Company (BP) has awarded the company's Fifth-Generation Deepwater drillship, Discoverer Enterprise, a three-year contract extension which is expected to commence in December 2007, in direct continuation of the rig's current contract commitment, also with BP. The rig is expected to be utilized in the U.S. Gulf of Mexico, with revenues possible over the three-year contract period of approximately $569 million, excluding revenues for mobilization, demobilization and client reimbursables.

The dynamically positioned Discoverer Enterprise is one of 32 High-Specification Deepwater Floaters in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rig, which is capable of operating in water depths of up to 10,000 feet, entered active service in 1999 following its construction in El Ferrol, Spain, and Pascagoula, Mississippi. The rig has been under contract to BP and utilized in the U.S. Gulf of Mexico since it began service. The Discoverer Enterprise is one of three drillships in the company's fleet to incorporate Transocean's patented dual-activity drilling process that utilizes two drilling systems in a single derrick, allowing for parallel drilling operations designed to save time and money in deepwater well construction, compared with conventional rigs.

Statements regarding contract durations, contract commencement dates, revenues, area of operations, timing and duration of maintenance projects, 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 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 $23 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.