Transocean Inc. Operations in Nigeria Disrupted by Labor Strike
HOUSTON--(BUSINESS WIRE)--April 22, 2003--Transocean Inc.(NYSE:RIG) today announced that drilling operations have ceased onfour of its mobile offshore drilling units located offshore Nigeriadue to a strike commenced on April 16 on the semisubmersible rig M.G.Hulme, Jr. and on April 19 on the semisubmersible rig Sedco 709 andthe jackup rigs Trident VI and Trident VIII by local members of theNational Union of Petroleum and Natural Gas Workers (NUPENG). Thestrike was allegedly called to protest the continuation ofdisciplinary proceedings against certain personnel belonging toNUPENG. The company is attempting to resolve the labor stoppage. Atthis time it cannot estimate the possible length of the strike or itsfinancial impact.
Statements regarding the attempted resolution of the labor strike,the duration and financial impact of the strike, as well as any otherstatements that are not historical facts, are forward-lookingstatements that involve certain risks, uncertainties and assumptions.These include but are not limited to operating hazards and delays,risks associated with international operations, actions by customersand other third parties, the future price of oil and gas and otherfactors detailed in the company's most recent Form 10-K and otherfilings with the Securities and Exchange Commission (SEC), which areavailable free of charge on the SEC's website at www.sec.gov. Shouldone or more of these risks or uncertainties materialize, or shouldunderlying assumptions prove incorrect, actual results may varymaterially from those indicated.
Transocean Inc. is the world's largest offshore drillingcontractor with more than 150 full or partially owned and managedmobile offshore drilling units, inland drilling barges and otherassets utilized in the support of offshore drilling activitiesworldwide. The company's mobile offshore drilling fleet is consideredone of the most modern and versatile in the world with 31high-specification semisubmersibles and drillships, 27 othersemisubmersibles, two other drillships and 55 jackup drilling rigs.Transocean Inc. specializes in technically demanding segments of theoffshore drilling business, including industry-leading positions indeepwater and harsh environment drilling services. With a currentequity market capitalization in excess of $6 billion, the company'sordinary shares are traded on the New York Stock Exchange under thesymbol \"RIG.\"
Transocean Inc., Houston
Jeffrey L. Chastain, 713/232-7551
Guy A. Cantwell, 713/232-7647
SOURCE: Transocean Inc.