Transocean Inc. Awarded Contracts for High-Specification Rigs Transocean Leader and Discoverer Seven Seas
HOUSTON--(BUSINESS WIRE)--Oct. 11, 2005--Transocean Inc.(NYSE:RIG) today announced that the Transocean Leader, afourth-generation, deepwater semisubmersible rig, has been awarded aone-year contract from Statoil ASA (NYSE:STO, OSE:STL) for explorationand development drilling operations offshore Norway. The TransoceanLeader is expected to commence the contract by September 2007, indirect continuation of the rig's current contract, also with Statoilin Norway. Revenues of approximately $133 million could be generatedover the one-year contract period.
In addition, the company announced that Oil and Natural GasCorporation Ltd. (ONGC) of India has awarded the ultra-deepwaterdrillship Discoverer Seven Seas a three-year contract for drillingoperations offshore India. The drillship is expected to complete itscurrent three-year contract with ONGC by February 2007 and commencethe new contract by the end of May 2007, following an estimated 90-dayplanned shipyard program. Revenues of approximately $345 million couldbe generated over the three-year contract period, excluding revenuesfor comprehensive services that include well planning, operationssupport and logistics management.
The estimated contract revenues for each rig are exclusive ofrevenues for mobilization, demobilization and client reimbursables.
The Transocean Leader and Discoverer Seven Seas are two of 32High-Specification rigs in the Transocean Inc. fleet, 13 of which areFifth-Generation Deepwater Floaters. The rigs can operate in waterdepths of up to 4,500 feet and 7,000 feet, respectively.
Statements regarding contract duration, contract commencementdate, 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 $18 billion, TransoceanInc.'s ordinary shares are traded on the New York Stock Exchange underthe symbol \"RIG.\"
CONTACT: Transocean Inc. Analyst Contact Jeffrey L. Chastain, 713-232-7551 or Media Contact Guy A. Cantwell, 713-232-7647 SOURCE: Transocean Inc.