Transocean Inc. Awarded Contracts for High-Specification Drillships Discoverer Spirit and Deepwater Millennium
HOUSTON--(BUSINESS WIRE)--Nov. 2, 2005--Transocean Inc. (NYSE:RIG)today announced that Anadarko Petroleum Corporation (NYSE:APC) hasawarded three-year contracts valued at an estimated $985 million incombined revenues for the company's High-Specification drillshipsDiscoverer Spirit and Deepwater Millennium.
The Discoverer Spirit and Deepwater Millennium contracts areexpected to commence in June 2007, immediately following theconclusion of current contract commitments with Shell and Anadarko,respectively, in the U.S. Gulf of Mexico. Revenues of approximately$520 million could be generated over the three-year contract for theDiscoverer Spirit, while revenues from the Deepwater Millenniumthree-year contract could total approximately $465 million.
The Fifth-Generation, dynamically positioned drillships DiscovererSpirit and Deepwater Millennium are two of 32 High-Specification rigsin the Transocean Inc. fleet, 13 of which are Fifth-GenerationDeepwater Floaters. Both units are capable of operating in waterdepths of up to 10,000 feet. The Discoverer Spirit entered service in2000 following its construction in El Ferrol, Spain and CorpusChristi, Texas, while the Deepwater Millennium commenced operations in1999 following the rig's construction in Ulsan, Korea.
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 $19 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.