Transocean Inc. Announces Agreement to Sell Semisubmersibles Sedco 600 and Sedco 602
HOUSTON--(BUSINESS WIRE)--March 19, 2004--Transocean Inc.(NYSE:RIG) today announced that it has entered into agreements to sellthe semisubmersibles Sedco 600 and Sedco 602 to JCE Group AB ofSweden, for net proceeds of approximately $52.7 million. Both units,which began active service in 1983, are expected to be converted tomulti-service vessels, ending their use as mobile offshore drillingunits.
The Sedco 600, idle in Singapore since April 2003, is currentlybeing reactivated in preparation for an expected one-well contract.The rig is expected to complete the drilling project during the fourthquarter of 2004, with expected closing of the transaction to follow.The sale of the Sedco 602, idle in Singapore since February 2003, isexpected to close during the second quarter of 2004.
Closing of the sale of both rigs is subject to certain closingconditions and regulatory approval.
Statements regarding the expected rig sales, net proceeds,conversion of rigs to multi-service vessels, drilling contractcompletion date, sale transaction closing dates, 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 full or partial ownership in 96 mobile offshoredrilling units, excluding the 70-rig fleet of TODCO, a publicly tradeddrilling company in which Transocean Inc. owns a majority interest.The company's mobile offshore drilling fleet is considered one of themost modern and versatile in the world due to its emphasis ontechnically demanding segments of the offshore drilling business,including industry-leading positions in high-specification deepwaterand harsh environment drilling units. The company's fleet consists of32 High-Specification Floaters (semisubmersibles and drillships), 26Other Floaters, 26 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $9 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"
CONTACT: Transocean Inc., Houston Analyst Contact: Jeffrey L. Chastain, 713-232-7551 or Media Contact: Guy A. Cantwell, 713-232-7647 SOURCE: Transocean Inc.