Transocean Inc. Provides Update on Nigerian Labor Strike
HOUSTON--(BUSINESS WIRE)--May 1, 2003--Transocean Inc. (NYSE:RIG)today said that the labor strike affecting drilling operations on fourof the company's rigs offshore Nigeria continues, with all 370 peopleremaining on board the rigs. Efforts to resolve the strike are ongoingand include discussions with local and national members of the laborunion. The strike involves 100 members of the local branch of theNational Union of Petroleum and Natural Gas Workers (NUPENG), and thenational union has informed Transocean that it does not support thestrike by the local branch. A court injunction has also been issuedordering workers to leave the rigs.
The situation on all four rigs remains calm and orderly, and noefforts have been made by the Nigerian Navy or other third parties toboard the rigs. The company continues its efforts to resolve thematter through dialogue with the union and remains in close contactwith government officials.
The labor strike began on April 16 on the semisubmersible M.G.Hulme, Jr. and on April 19 on the semisubmersible rig Sedco 709 andthe jackup rigs Trident VI and Trident VIII by the local members ofNUPENG. The strike was allegedly called to protest disciplinaryproceedings against certain personnel belonging to NUPENG. At thistime the company cannot estimate the possible length of the strike orits financial 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 170 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 13fifth-generation semisubmersibles and drillships, 15 other deepwatersemisubmersibles and drillships, 32 mid-water semisubmersibles anddrillships and 55 jackup drilling rigs. Transocean Inc. specializes intechnically demanding segments of the offshore drilling business,including industry-leading positions in deepwater and harshenvironment drilling services. With a current equity marketcapitalization in excess of $6 billion, the company's ordinary sharesare 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.