Transocean Inc. Provides Update on Norwegian Operations After Strike
HOUSTON--(BUSINESS WIRE)--Nov. 1, 2004--Transocean Inc. (NYSE:RIG)today announced that two Transocean semisubmersible units in Norwayhave resumed operations and a third semisubmersible rig will undergo aspecial periodic survey and upgrades before returning to service.Operations on all three rigs had been suspended by a strike called inJuly by the OFS union. The strike has been resolved followinggovernment intervention.
The semisubmersible rigs Transocean Searcher and Transocean Leaderhave resumed operations in the Norwegian sector of the North Sea. Thecompany expects the survey and upgrade work in Olen, Norway, for thesemisubmersible unit Polar Pioneer to be completed in November priorto commencement of the previously announced contract on the Snohvitproject for Statoil.
The semisubmersible Transocean Arctic is also located in Norway,but was not affected by the strike.
Transocean reported on July 1, 2004, that the OFS, one of threeunions representing offshore workers in Norway, called the strike onthe three Transocean rigs after it was unable to reach an agreementwith the Norwegian Shipowners Association, which represents rig ownersin Norway. Agreements had previously been reached with NOPEF and DSO,two other unions representing workers on Transocean's offshore unitsin Norway.
Statements regarding survey and shipyard work and contractcommencement timing, 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.\"
CONTACT: Transocean Inc., Houston Analyst Contact: Jeffrey L. Chastain, 713-232-7551 or Media Contact: Guy A. Cantwell, 713-232-7647 SOURCE: Transocean Inc.