Transocean Inc. Announces Contract for Ultra-Deepwater Drillship Discoverer Spirit
HOUSTON--(BUSINESS WIRE)--Nov. 19, 2007--Transocean Inc.(NYSE:RIG) today announced that the ultra-deepwater drillshipDiscoverer Spirit has been awarded a three-year contract by AnadarkoPetroleum Corporation (NYSE: APC) for drilling operations in the U.S.Gulf of Mexico.
The three-year contract is expected to commence in December 2010,following the completion of the rig's existing contract commitments inthe U.S. Gulf of Mexico.
The estimated contract revenues which could be generated over thethree-year contract period are $569.4 million. Estimated contractrevenues represent the maximum amount of revenues that may be earnedin the firm contract period, excluding revenues for mobilization,demobilization and cost escalation from November 1, 2007.
The Discoverer Spirit is one of 34 High-Specification Floaters inthe Transocean fleet, 13 of which are Ultra-Deepwater Floaters. Therig, which entered service in 2000, is capable of operating in waterdepths of up to 10,000 feet.
Statements regarding contract durations, contract commencementdates and revenues, as well as any other statements that are nothistorical facts, are forward-looking statements that involve certainrisks, uncertainties and assumptions. These include but are notlimited to operating hazards and delays, actions by customers andother third parties, the future price of oil and gas, the actualrevenues earned and other factors detailed in the company's mostrecent Form 10-K and other filings with the Securities and ExchangeCommission (SEC), which are available free of charge on the SEC'swebsite at www.sec.gov. Should one or more of these risks oruncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.
Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 82 mobile offshore drilling units. Thecompany's mobile offshore drilling fleet, consisting of a large numberof high-specification deepwater and harsh environment drilling units,is considered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. The company's fleet consists of 34High-Specification Floaters (semisubmersibles and drillships), 19Other Floaters, 25 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. The company also has sixHigh-Specification Drillships under construction. With a currentequity market capitalization in excess of $34 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"
CONTACT: Transocean Inc., Houston
Gregory S. Panagos, 713 232 7551
Guy A. Cantwell, 713 232 7647
SOURCE: Transocean Inc.