Transocean Inc. Drillship Deepwater Pathfinder Awarded 11-Well Exploration Program in Nigeria
HOUSTON, Oct 27, 2004 (BUSINESS WIRE) -- Transocean Inc.(NYSE:RIG) announced today that its ultra-deepwater drillship,Deepwater Pathfinder, has been awarded an 11-well exploration programoffshore Nigeria under a drilling services sharing agreement betweenNigerian subsidiaries of Devon Energy, ConocoPhillips, ExxonMobil andRoyal Dutch Shell. The estimated 475-day exploration program isexpected to commence by December 2004, following the rig's completionof a drilling project in the U.S. Gulf of Mexico and estimated 30-daymobilization to Nigeria. Revenues of approximately $90 million couldbe generated over the 475-day program, exclusive of revenues formobilization and demobilization of the rig.
The Deepwater Pathfinder is a dynamically positioned,ultra-deepwater drillship capable of operating in water depths of upto 10,000 feet. The rig entered service in 1998 following constructionin the Samsung Shipyard in Korea. The rig is one of 28High-Specification Floaters in the Transocean fleet, 17 of which arecapable of drilling in water depths of 7,000 feet or greater.
Statements regarding contract commencement date, contract durationand 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 94 mobile offshore drilling units,excluding the 70-rig fleet of TODCO, a publicly traded drillingcompany in which Transocean Inc. has a majority voting interest. Thecompany's mobile offshore drilling fleet, consisting of a large numberof high-specification deepwater and harsh environment drilling units,is considered one of the most modern and versatile in the world due toits emphasis on technically demanding segments of the offshoredrilling business. The company's fleet consists of 32High-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 $11 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"
SOURCE: Transocean Inc.
Transocean Inc., HoustonAnalyst Contact: Jeffrey L. Chastain, 713-232-7551orMedia Contact: Guy A. Cantwell, 713-232-7647