Transocean Inc. Semisubmersible Rig Transocean Legend Awarded Contract
HOUSTON--(BUSINESS WIRE)--April 19, 2006--Transocean Inc.(NYSE:RIG) today announced that a subsidiary of Eni has awarded anestimated six-month contract for the semisubmersible rig TransoceanLegend for drilling operations offshore Indonesia. The contract isexpected to commence in November 2006, following the completion of anexisting contract commitment offshore Sakhalin Island. Revenues thatcould be generated over the estimated six-month contract period totalan approximated $79 million, excluding revenues for mobilization,demobilization and client reimburseables.
The Transocean Legend is expected to be in a South Korean shipyardthrough May 2006 completing a minor upgrade program ahead of themobilization of the rig to Sakhalin Island where it is expected tooperate through October 2006.
Statements regarding contract durations, contract commencementdates, revenues and timing of completion of shipyard programs, as wellas any other statements that are not historical facts, areforward-looking statements that involve certain risks, uncertaintiesand assumptions. These include but are not limited to operatinghazards and delays, actions by customers and other third parties, thefuture price of oil and gas, the actual revenues earned and otherfactors detailed in the company's most recent Form 10-K and otherfilings with the Securities and Exchange Commission (SEC), which areavailable free of charge on the SEC's website at www.sec.gov. Shouldone or more of these risks or uncertainties materialize, or shouldunderlying assumptions prove incorrect, actual results may varymaterially from those indicated.
Transocean Inc. is the world's largest offshore drillingcontractor with a fleet of 88 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), 22Other Floaters, 25 Jackup Rigs and other assets utilized in thesupport of offshore drilling activities worldwide. With a currentequity market capitalization in excess of $27 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.