Transocean Inc. Announces Resolution to End Nigerian Labor Strike
HOUSTON--(BUSINESS WIRE)--May 2, 2003--Transocean Inc. (NYSE:RIG)today said that a communique has been issued by the Nigeria LabourCongress that instructs striking personnel to cease their action andallow personnel to depart the four company drilling rigs involved inthe labor dispute offshore Nigeria. Striking personnel are nowcooperating and have granted access to the rigs, and the company hasbegun transporting non-essential personnel to shore. Arrangements arealso being made to replace essential personnel whose earlier planneddeparture had been delayed by the strike.
The jointly signed communique was issued as the result of ameeting today in Abuja, Nigeria, chaired by the Nigeria LabourCongress and attended by Transocean management, leadership of localand national labor unions, the Federal Ministry of Labour andProductivity and the Nigeria National Petroleum Corporation. The laborunions represented at the meeting were the National Union of Petroleumand Natural Gas Workers of Nigeria (NUPENG), whose local branch wasresponsible for the strike, and the Petroleum and Natural Gas SeniorStaff Association of Nigeria (PENGASSAN). The situation on all fourrigs remains calm and orderly.
The strike by members of the local branch of NUPENG began on April16 on the semisubmersible M.G. Hulme, Jr. and on April 19 on thesemisubmersible rig Sedco 709 and the jackup rigs Trident VI andTrident VIII. The strike was allegedly called to protest disciplinaryproceedings against certain personnel belonging to NUPENG.
Statements regarding the completion of efforts to resolve thelabor strike, as well as any other statements that are not historicalfacts, are forward-looking statements that involve certain risks,uncertainties and assumptions. These include but are not limited tooperating hazards and delays, risks associated with internationaloperations, actions by customers and other third parties, the futureprice of oil and gas 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 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.