Transocean Inc. Announces Departure of Personnel from Nigeria Rigs
HOUSTON--(BUSINESS WIRE)--May 5, 2003--Transocean Inc. (NYSE:RIG)today announced that essentially all personnel who were overdue for acrew change due to a strike on four of the company's rigs offshoreNigeria have been transported to shore. The striking Nigerianemployees have also departed the rigs. Certain personnel who areserving their regular shifts remain on the rigs to keep them secure onlocation. The company continues efforts to return the rigs tooperations as promptly as possible.
The strike by members of the local branch of the Union ofPetroleum and Natural Gas Workers of Nigeria (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 company's efforts to return to operationsfour rigs offshore Nigeria, as well as any other statements that arenot historical facts, are forward-looking statements that involvecertain risks, uncertainties and assumptions. These include but arenot limited to operating hazards and delays, risks associated withinternational operations, actions by customers and other thirdparties, the future price of oil and gas and other factors detailed inthe company's most recent Form 10-K and other filings with theSecurities and Exchange Commission (SEC), which are available free ofcharge on the SEC's website at www.sec.gov. Should one or more ofthese risks or uncertainties materialize, or should underlyingassumptions prove incorrect, actual results may vary materially fromthose 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.