Transocean Inc. Awarded Contract for High-Specification Drillship Deepwater Pathfinder
HOUSTON, Sep 30, 2005 (BUSINESS WIRE) -- Transocean Inc. (NYSE:RIG) today announced that itsHigh-Specification drillship, the Deepwater Pathfinder, has beenawarded an estimated 800-day contract by an operator consortium led byShell Nigeria Exploration and Production Company for drillingoperations offshore Nigeria. The contract is expected to commence inApril 2006, immediately following the conclusion of the rig's currentcontract. Revenues of an estimated $315 million could be generatedover the 800-day contract period, excluding revenues for mobilization,demobilization and client reimbursables.
The Deepwater Pathfinder, a dynamically positioned,Fifth-Generation drillship capable of operating in waters depths of upto 10,000 feet, is one of 32 High-Specification rigs in the TransoceanInc. fleet, 13 of which are Fifth-Generation Deepwater Floaters. Therig, which is currently operating offshore Nigeria for a consortium ofoperators led by Devon Energy (NYSE:DVN), entered active service in1998 following its construction in Ulsan, Korea.
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 92 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, 25 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $20 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