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 on four of its mobile offshore drilling units located offshore Nigeria due 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 and the jackup rigs Trident VI and Trident VIII by local members of the National Union of Petroleum and Natural Gas Workers (NUPENG). The strike was allegedly called to protest the continuation of disciplinary proceedings against certain personnel belonging to NUPENG. The company is attempting to resolve the labor stoppage. At this time it cannot estimate the possible length of the strike or its financial impact.
Statements regarding the attempted resolution of the labor strike, the duration and financial impact of the strike, 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, risks associated with international operations, actions by customers and other third parties, 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 more than 150 full or partially owned and managed mobile offshore drilling units, inland drilling barges and other assets utilized in the support of offshore drilling activities worldwide. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world with 31 high-specification semisubmersibles and drillships, 27 other semisubmersibles, two other drillships and 55 jackup drilling rigs. Transocean Inc. specializes in technically demanding segments of the offshore drilling business, including industry-leading positions in deepwater and harsh environment drilling services. With a current equity market capitalization in excess of $6 billion, the company's ordinary shares are traded on the New York Stock Exchange under the symbol "RIG."
Transocean Inc., Houston
Jeffrey L. Chastain, 713/232-7551
Guy A. Cantwell, 713/232-7647
SOURCE: Transocean Inc.