Transocean Inc. High-Specification Drillship Deepwater Discovery Awarded Two-Year Contract
HOUSTON, Jun 23, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that itsHigh-Specification drillship, the Deepwater Discovery, has beenawarded a two-year contract by Total Upstream Nigeria Limited (Total)to provide drilling services for Total's Akpo field developmentoffshore Nigeria. The two-year contract is expected to commence inJuly 2006 with revenues of approximately $263 million possible overthe contract period, excluding revenues for mobilization,demobilization and client reimbursables. The Deepwater Discovery iscurrently providing exploration drilling services offshore West Africawhile under a multiple well contract with several customers thatincludes a number of option wells to extend the contract. If all ofthe option wells are exercised, the current contract could extend intothe second quarter of 2006.
The Deepwater Discovery is a Fifth-Generation, dynamicallypositioned drillship capable of operating in water depths of up to10,000 feet. The rig entered active service in 2000 following itsconstruction in the Samsung Shipyard in Korea and is one of 32High-Specification rigs in the Transocean Inc. fleet, 13 of which areFifth-Generation rigs.
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 actualrevenues earned and other factors detailed in the company's mostrecent Form 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 $18 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