NYSE: RIG 4.61 0.41 9.76% 6:30 P.M. ET
Share Page Print Page
Back to all news articles

Transocean Inc. Awarded Three-Year Contract Extension for Fifth-Generation Deepwater Drillship Discoverer Enterprise

February 27, 2006

HOUSTON--(BUSINESS WIRE)--Feb. 27, 2006--Transocean Inc.(NYSE:RIG) today announced that BP America Production Company (BP) hasawarded the company's Fifth-Generation Deepwater drillship, DiscovererEnterprise, a three-year contract extension which is expected tocommence in December 2007, in direct continuation of the rig's currentcontract commitment, also with BP. The rig is expected to be utilizedin the U.S. Gulf of Mexico, with revenues possible over the three-yearcontract period of approximately $569 million, excluding revenues formobilization, demobilization and client reimbursables.

The dynamically positioned Discoverer Enterprise is one of 32High-Specification Deepwater Floaters in the Transocean Inc. fleet, 13of which are Fifth-Generation Deepwater Floaters. The rig, which iscapable of operating in water depths of up to 10,000 feet, enteredactive service in 1999 following its construction in El Ferrol, Spain,and Pascagoula, Mississippi. The rig has been under contract to BP andutilized in the U.S. Gulf of Mexico since it began service. TheDiscoverer Enterprise is one of three drillships in the company'sfleet to incorporate Transocean's patented dual-activity drillingprocess that utilizes two drilling systems in a single derrick,allowing for parallel drilling operations designed to save time andmoney in deepwater well construction, compared with conventional rigs.

Statements regarding contract durations, contract commencementdates, revenues, area of operations, timing and duration ofmaintenance projects, 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, factors affecting the duration of contractsincluding well-in-progress provisions, the actual amount of downtime,factors resulting in reduced applicable dayrates, the future price ofoil and gas and other factors detailed in the company's most recentForm 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 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 $23 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.