Transocean Inc. Announces Contracts for Two High-Specification Drillships
HOUSTON--(BUSINESS WIRE)--June 13, 2005--Transocean Inc.(NYSE:RIG) today announced that it has been awarded contracts for twoHigh-Specification drillships, the Deepwater Millennium and theDeepwater Expedition, for drilling operations in the U.S. Gulf ofMexico and offshore Egypt, respectively.
The Deepwater Millennium, a Fifth-Generation, dynamicallypositioned drillship, has been awarded a two-year contract by AnadarkoPetroleum Corporation (NYSE:APC) for drilling operations in the U.S.Gulf of Mexico. Revenues of approximately $209 million could begenerated over the two-year contract, which went into effect lastweek. This contract takes the place of a six-month firm contract withtwo previously reported and unexercised options with Anadarko thatcould have generated maximum, combined revenues of approximately $146million over the 18-month period. The new contract assures Anadarkorig access for its deepwater portfolio over the next two years. Thecurrent contract and replaced contract with options are exclusive ofrevenues for mobilization, demobilization and client reimbursables.
The Deepwater Expedition, also a Fifth-Generation, dynamicallypositioned drillship, has been awarded a three-well, estimated90-day contract plus a 30-day option well from a Shell subsidiary fordrilling operations offshore Egypt in the eastern Mediterranean Sea.Following the completion of the rig's current contract with Petrobrasin Brazil, which is expected to conclude in October 2005, theDeepwater Expedition will commence an estimated 30-day mobilization toEgypt and is expected to begin the 90-day contract in November 2005.Revenues of approximately $22 million could be generated over theestimated 90-day contract period. Estimated contract revenues areexclusive of revenues for mobilization, demobilization and clientreimbursables.
The Deepwater Millennium and Deepwater Expedition are two of 32High-Specification rigs in the Transocean Inc. fleet, 13 of which areFifth-Generation Deepwater Floaters. The rigs entered active serviceas newbuild drillships in 1999.
Statements regarding contract duration, contract commencementdate, contract revenues, contract dayrates, contract options, as wellas any other statements that are not historical facts, areforward-looking statements that involve certain risks, uncertaintiesand assumptions. These include but are not limited to operatinghazards and delays, actions by customers and other third parties, thefuture price of oil and gas, the actual revenues earned and otherfactors detailed in the company's most recent Form 10-K and otherfilings with the Securities and Exchange Commission (SEC), which areavailable free of charge on the SEC's website at www.sec.gov. Shouldone or more of these risks or uncertainties materialize, or shouldunderlying assumptions prove incorrect, actual results may varymaterially 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.\"
CONTACT: Transocean Inc., Houston Analyst Contact: Jeffrey L. Chastain, 713-232-7551 or Media Contact: Guy A. Cantwell, 713-232-7647 SOURCE: Transocean Inc.