Transocean Inc. Awarded 15-Rig-Year, Estimated $805 Million Jackup Rig Program in India
HOUSTON--(BUSINESS WIRE)--Feb. 6, 2006--Transocean Inc. (NYSE:RIG)today announced that Oil and Natural Gas Corporation Ltd. (ONGC) ofIndia has awarded contracts for five of the company's jackup rigstotaling 15 rig years and an estimated $805 million in revenues thatcould be generated over the primary terms of the contract.
The five jackup rigs, Ron Tappmeyer, Randolph Yost, Trident II,Trident XII and J.T. Angel, have each been awarded three-yearcontracts with revenues of approximately $161 million per unitpossible over the period, excluding revenues for mobilization,demobilization, contract preparation, client reimbursables andintegrated services. Each rig is expected to commence the newthree-year contract in direct continuation of existing contracts and,with respect to the Trident II and J.T. Angel, following plannedshipyard programs.
The Ron Tappmeyer, Randolph Yost and Trident XII are presentlyunder contract to ONGC in India, with contract completion datescurrently expected in November 2006. The Trident II is also operatingoffshore India for ONGC, with a current estimated contract completiondate in May 2006, followed by an estimated 120 days of out-of-servicetime for maintenance. The J.T. Angel, which is currently operatingoffshore Indonesia, is expected to complete an existing contract withEMP Kangean Ltd. in February 2006, followed by an estimated 100 daysof out-of-service time for maintenance and another contract inIndonesia, with an estimated duration of six months, which is pendingunder a letter of intent.
Statements regarding contract durations, contract commencementdates, revenues, timing and duration of shipyards, 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, factors affecting theduration of contracts including well-in-progress provisions andweather conditions, the actual amount of downtime, factors resultingin reduced applicable dayrates, the future price of oil and gas andother factors detailed in the company's most recent Form 10-K andother filings with the Securities and Exchange Commission (SEC), whichare available free of charge on the SEC's website at www.sec.gov.Should one or more of these risks or uncertainties materialize, orshould underlying assumptions prove incorrect, actual results may varymaterially 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 $26 billion, Transocean Inc.'s ordinaryshares are traded on the New York Stock Exchange under the symbol\"RIG.\"
CONTACT: Transocean Inc. Jeffrey L. Chastain, 713-232-7551 (Analyst Contact) or Guy A. Cantwell, 713-232-7647 (Media Contact) SOURCE: Transocean Inc.