Transocean Inc. Fifth-Generation Semisubmersible Rig Deepwater Nautilus Receives Two-Year Contract Extension
HOUSTON--(BUSINESS WIRE)--Dec. 15, 2005--Transocean Inc.(NYSE:RIG) today announced that a subsidiary of Royal Dutch Shell(NYSE:RDS) (Shell) has awarded a two-year contract extension for thecompany's Fifth-Generation moored semisubmersible rig DeepwaterNautilus. The two-year contract extension is expected to commence inDecember 2006, in direct continuation of the rig's current contract.Revenues of approximately $310 million could be generated over thetwo-year extension period, excluding revenues for mobilization,demobilization and client reimbursables.
The Deepwater Nautilus is currently operating for ShellExploration and Production in the U.S. Gulf of Mexico. The rigrecently returned to Shell's Pathfinder project in Green Canyon Block390, where the rig was moored prior to the arrival of HurricaneKatrina, following the successful retrieval of the portion of itssubsea well control system lost during the storm. The DeepwaterNautilus is expected to continue drilling operations for the remainderof 2005 and into 2006 before requiring an estimated 60 days ofout-of-service time during 2006 to complete repairs of all remainingstorm-related damage, which pertains mainly to the rig's mooringsystem.
The Deepwater Nautilus is one of 32 High-Specification Floaters inthe Transocean Inc. fleet, 13 of which are Fifth-Generation DeepwaterFloaters. The rig, which entered service in 2000 following itsconstruction in Ulsan, South Korea, is capable of operating in waterdepths of up to 8,000 feet.
Statements regarding contract duration, contract commencementdate, revenues, timing, duration and extent of repairs, as well as anyother statements that are not historical facts, are forward-lookingstatements 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 oiland gas, the actual revenues earned and other factors detailed in thecompany's most recent Form 10-K and other filings with the Securitiesand Exchange Commission (SEC), which are available free of charge onthe SEC's website 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 90 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), 23Other Floaters, 25 Jackups and other assets utilized in the support ofoffshore drilling activities worldwide. With a current equity marketcapitalization in excess of $22 billion, Transocean Inc.'s ordinaryshares 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.