Transocean Inc. Awarded Contracts for Four High-Specification Rigs
HOUSTON--(BUSINESS WIRE)--April 4, 2005--Transocean Inc.(NYSE:RIG) today announced that it has been awarded contracts for fourof the company's High-Specification semisubmersible rigs, the SedcoEnergy, Deepwater Discovery, Transocean Leader, and Sedco 709.
The Fifth-Generation deepwater semisubmersible Sedco Energy hasbeen awarded a 730-day contract in West Africa. The contract isexpected to commence in October 2005, following the completion of therig's current drilling program and an estimated 100-day period for rigmodifications in a shipyard in Las Palmas and mobilization to thelocation. Revenues of approximately $148 million could be generatedover the 730-day contract period.
Nexen has awarded the Fifth-Generation drillship DeepwaterDiscovery a one well, estimated 25-day contract for drillingoperations offshore Equatorial Guinea. The contract is expected tocommence during May 2005, in direct continuation of the rig's currentcontract. Revenues of approximately $8 million could be generated overthe 25-day contract period.
The Sedco Energy and Deepwater Discovery are dynamicallypositioned, ultra-deepwater rigs capable of working in water depths ofup to 7,500 and 10,000 feet, respectively. The Sedco Energy, whichentered service in 2001 following its construction in Brest, France,is currently operating offshore Nigeria for ChevronTexaco. TheDeepwater Discovery, which began operations in 2000 following itsconstruction in Ulsan, Korea, is currently operating offshore IvoryCoast for Vanco.
In addition, Statoil has awarded the deepwater rig TransoceanLeader an estimated 345-day contract for drilling operations offshoreNorway. The program is expected to commence in February 2006, indirect continuation of the rigs current contract. Revenues ofapproximately $84 million could be generated over the 345-day contractperiod.
Finally, Amerada Hess has awarded the deepwater rig Sedco 709 atwo-well, estimated 60-day contract for drilling operations offshoreGabon. The contract is expected to commence in April 2005, in directcontinuation of the rig's current contract. Revenues of approximately$10 million could be generated over the 60-day contract period.
The Transocean Leader and Sedco 709 are two deepwatersemisubmersible rigs capable of working in water depths of 4,500 feetand 5,000 feet, respectively. The Transocean Leader is currentlyoperating for Statoil offshore Norway, while the Sedco 709 isoperating for CNR offshore Ivory Coast.
Estimated revenues for each contract are exclusive of revenues formobilization, demobilization, rig modifications and clientreimburseables.
The Sedco Energy, Deepwater Discovery, Transocean Leader and Sedco709 represent four of the 32 High-Specification Floaters in theTransocean fleet, 13 of which are Fifth-Generation rigs capable ofdrilling in water depths of 7,500 feet or greater.
Statements regarding contract duration, contract commencementdate, 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, the actualdayrate earned and other factors detailed in the company's most recentForm 10-K and other filings with the Securities and ExchangeCommission (SEC), which are available free of charge on the SEC'swebsite at www.sec.gov. Should one or more of these risks oruncertainties materialize, or should underlying assumptions proveincorrect, actual results may vary materially from those indicated.
Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 93 mobile offshore drilling units. 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), 24Other Floaters, 26 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $17 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"
Transocean Inc., Houston
Analyst Contact: Jeffrey L. Chastain, 713-232-7551
Media Contact: Guy A. Cantwell, 713-232-7647
SOURCE: Transocean Inc.