Transocean Receives Contract Extensions for High-Specification Rigs Discoverer Enterprise and Deepwater Horizon
HOUSTON--(BUSINESS WIRE)--April 26, 2004--Transocean Inc.(NYSE:RIG) today announced that BP PLC (NYSE:BP) has extended thecontracts on two of the company's high-specification deepwater rigs,the drillship Discoverer Enterprise and the semisubmersible DeepwaterHorizon.
The Discoverer Enterprise contract extension is for three yearsand is expected to commence during December 2004. Revenues ofapproximately $200 million could be generated over the three-yearextension. The contract extension for the Deepwater Horizon is for oneyear and is expected to commence in September 2004, with revenues ofapproximately $60 million possible over the one-year extension.
The Discoverer Enterprise and Deepwater Horizon, both currentlyoperating in the U.S. Gulf of Mexico, have been under contract to BPsince the rigs began service in December 1999 and September 2001,respectively, and represent two of the company's 32 High-SpecificationFloaters, 28 of which are capable of operating in water depths of4,500 feet or greater. Both rigs are equipped with dynamic positioningtechnology for maintaining station and are capable of drilling inwater depths of up to 10,000 feet. The Discoverer Enterprise isequipped with the company's patented dual-activity drillingtechnology, which saves time by allowing drilling tasks to beperformed in parallel, rather than sequentially as with conventionaloffshore drilling rigs.
Statements regarding contract duration, contract commencement dateand contract revenues, as well as any other statements that are nothistorical facts, are forward-looking statements that involve certainrisks, uncertainties and assumptions. These include but are notlimited to operating hazards and delays, actions by customers andother third parties, the future price of oil and gas and other factorsdetailed in the company's most recent Form 10-K and other filings withthe Securities and Exchange Commission (SEC), which are available freeof charge 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 a fleet of 95 mobile offshore drilling units,excluding the 70-rig fleet of TODCO (NYSE:THE), 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), 25Other Floaters, 26 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $8 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.