Transocean Inc. Announces Strike Called in Norway
HOUSTON--(BUSINESS WIRE)--July 1, 2004--Transocean Inc. (NYSE:RIG) today announced that a strike has been called by OFS, one of three unions representing offshore workers in Norway, on Transocean semisubmersible units operating in the country. OFS called the strike after it was unable to reach an agreement with the Norwegian Shipowners Association, which represents rig owners in Norway. The rigs affected immediately are the Polar Pioneer, Transocean Searcher and Transocean Leader. The semisubmersible Transocean Arctic is also located in Norway, but is not currently under contract. Agreements have been reached previously with NOPEF and DSO, the other two unions representing workers on offshore units.
Current well operations must be completed and wells must be safely secured prior to the implementation of the work stoppage. At that time, the rigs will be de-manned to a minimum safe level. The company estimates that it will require between five to ten days to secure the rigs. At this time, the company cannot estimate the possible length of the strike or its financial impact.
Statements regarding the time needed to secure rigs, labor union negotiations in Norway, as well as any other statements that are not historical facts in the report, are forward-looking statements 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 customers and other third parties, the future price of oil and gas and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
Transocean Inc. is the world's largest offshore drilling contractor with full or partial ownership in 95 mobile offshore drilling units, excluding the 70-rig fleet of TODCO, a publicly-traded drilling company in which Transocean Inc. owns a majority interest. The company's mobile offshore drilling fleet is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business, including industry-leading positions in high-specification deepwater and harsh environment drilling units. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 25 Other Floaters, 26 Jackup Rigs and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $9 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the 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.