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Transocean Sedco Forex Receives Contract Awards and Extension On Three High-Specification Rigs

January 22, 2002
HOUSTON, Jan 22, 2002 (BUSINESS WIRE) -- Transocean Sedco Forex Inc. (NYSE:RIG)today announced that it has been awarded contracts for two high-specificationfloating drilling rigs and has received a contract extension on a thirdhigh-specification floating drilling rig.

The semisubmersible Sovereign Explorer has been awarded a one-year primary termcontract from Amerada Hess Corporation through its Triton Equatorial Guinea,Inc. business unit for drilling operations offshore Equatorial Guinea. Theone-year contract, which provides for a one-year extension period, is expectedto commence in early March 2002, following mobilization of the rig from theNorth Sea. Revenues expected to be generated over the one-year contract period,excluding mobilization and demobilization fees, could total approximately $33million. An additional revenue opportunity is available should the rig beutilized in water depths exceeding 3,000 feet. The semisubmersible SovereignExplorer is capable of drilling in water depths of up to 5,000 feet.

In addition, the deepwater drillship Discoverer 534 has been awarded a two-well,estimated 60-day contract from Reliance Industries Limited in India. Thedrillship is expected to begin mobilizing from the U.S. Gulf of Mexico in lateJanuary 2002 and commence drilling operations offshore India by early-April.Revenues expected to be generated over the estimated 60-day contract period,excluding mobilization and demobilization fees, could total approximately $8million. Delivered in 1975 and significantly upgraded in 1991, the Discoverer534 is a dynamically positioned drillship capable of drilling in water depths ofup to 7,000 feet.

Finally, the arctic-class semisubmersible Polar Pioneer has received a six-monthcontract extension from Norsk Hydro to continue drilling operations offshoreNorway. The semisubmersible, which has worked for Norsk Hydro in Norway sinceits delivery in 1985, is now contracted until February 2003. Revenues expectedto be generated over the six-month contract extension could total approximately$24 million.

Transocean Sedco Forex Inc. is the world's largest offshore drilling contractorwith more than 160 full or partially owned and managed mobile offshore drillingunits, inland drilling barges and other assets utilized in the support ofoffshore drilling activities worldwide. The company's mobile offshore drillingfleet is considered one of the most modern and versatile in the world with 31high-specification semisubmersibles and drillships, 30 other semisubmersiblesand drillships and 54 jackup drilling rigs. Transocean Sedco Forex Inc.specializes in technically demanding segments of the offshore drilling business,including industry-leading positions in deepwater and harsh environment drillingservices. With a current equity market capitalization in excess of $9 billion,the Company's ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"

CONTACT:          Transocean Sedco Forex Inc., Houston                  Analyst Contact:                     Jeffrey L. Chastain, 713/232-7551                   or                  Media Contact:                        Guy A. Cantwell, 713/232-7647