Transocean Inc. High-Specification Drillship Deepwater Frontier Awarded Two-Year Contract
HOUSTON--(BUSINESS WIRE)--July 11, 2005--Transocean Inc. (NYSE:RIG) today announced that its High-Specification drillship, the Deepwater Frontier, has been awarded a two-year contract by an international oil and gas operator. The contract is expected to commence in the late-third quarter or early-fourth quarter of 2006. The Deepwater Frontier is currently under contract to Petroleo Brasileiro S.A. (Petrobras) in Brazil until approximately May 2006. Revenues of an estimated $234 million could be generated over the two-year contract period, excluding revenues for mobilization, demobilization and client reimbursables.
The Deepwater Frontier, a dynamically positioned, Fifth-Generation drillship, is one of 32 High-Specification rigs in the Transocean Inc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. The rig, which is capable of operating in water depths of up to 10,000 feet, entered active service in 1999 following its construction in Korea.
Statements regarding contract duration, contract commencement date, contract revenues, as well as any other statements that are not historical facts, are forward-looking statements that involve certain risks, uncertainties and assumptions. These include but are not limited to operating hazards and delays, actions by customers and other third parties, the future price of oil and gas, the actual revenues earned and other factors detailed in the company's most recent Form 10-K and other filings with the Securities and Exchange Commission (SEC), which are available free of charge on the SEC's website at www.sec.gov. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those indicated.
Transocean Inc. is the world's largest offshore drilling contractor with a fleet of 92 mobile offshore drilling units. The company's mobile offshore drilling fleet, consisting of a large number of high-specification deepwater and harsh environment drilling units, is considered one of the most modern and versatile in the world due to its emphasis on technically demanding segments of the offshore drilling business. The company's fleet consists of 32 High-Specification Floaters (semisubmersibles and drillships), 24 Other Floaters, 25 Jackup Rigs and other assets utilized in the support of offshore drilling activities worldwide. With a current equity market capitalization in excess of $17 billion, Transocean Inc.'s ordinary shares are traded on the New York Stock Exchange under the 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.