Transocean Inc. Semisubmersible Rig Transocean Legend Awarded Contract
HOUSTON--(BUSINESS WIRE)--April 19, 2006--Transocean Inc. (NYSE:RIG) today announced that a subsidiary of Eni has awarded an estimated six-month contract for the semisubmersible rig Transocean Legend for drilling operations offshore Indonesia. The contract is expected to commence in November 2006, following the completion of an existing contract commitment offshore Sakhalin Island. Revenues that could be generated over the estimated six-month contract period total an approximated $79 million, excluding revenues for mobilization, demobilization and client reimburseables.
The Transocean Legend is expected to be in a South Korean shipyard through May 2006 completing a minor upgrade program ahead of the mobilization of the rig to Sakhalin Island where it is expected to operate through October 2006.
Statements regarding contract durations, contract commencement dates, revenues and timing of completion of shipyard programs, 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 88 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), 22 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 $27 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.