Transocean Inc. Granted Marketing and Purchase Option Rights for Three PetroJack ASA Jackup Rigs
HOUSTON--(BUSINESS WIRE)--Jan. 5, 2006--Transocean Inc. (NYSE:RIG)today announced that it has entered into agreements with PetroJack ASAof Norway (PetroJack) providing Transocean with the exclusivemarketing rights in respect of three PetroJack jackup rigs underconstruction, PetroJack I, II and III, as well as options to purchaseeach unit. The three Baker Marine Pacific Class 375 deep drillingjackup rigs are currently under construction in Singapore withexpected delivery dates in 2007 and 2008.
The exclusive marketing rights and options granted to Transoceanby PetroJack will terminate on March 15, 2006, but can be extended by30 days. Transocean anticipates exercising its purchase right on eachunit once it has secured a contract of sufficient duration and value,although Transocean is not obligated to purchase any of the jackuprigs. The average purchase price for the three units will beapproximately $180 million, subject to certain adjustments. ShouldTransocean exercise its right to purchase either of the jackup rigsPetroJack II and III, the sale is subject to PetroJack ASA shareholderapproval.
Statements regarding the company's anticipated purchase of one ormore jackup rigs, contract awards, including duration and value, aswell as any other statements that are not historical facts, areforward-looking statements that involve certain risks, uncertaintiesand assumptions. These include but are not limited to constructionproject risks, operating hazards and delays, risks associated withinternational operations, actions by customers and other thirdparties, the future prices of oil and gas and other factors detailedin the company's most recent Form 10-K and other filings with theSecurities and Exchange Commission. Should one or more of these risksor uncertainties 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 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $24 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.