Offshore staff

Transocean Inc. has received contracts for two high-specification drillships, theDeepwater Millennium and the Deepwater Expedition, for drilling operations in the GoM and offshore Egypt, respectively.

Anadarko awarded a two-year contract for theDeepwater Millennium, a fifth-generation, dynamically positioned drillship, for drilling operations in the GoM. Revenues of $209 million could be generated through the contract.

This contract takes the place of a six-month firm contract with two previously reported and unexercised Anadarko options. The former contract could have generated $146 million over the 18-month period. The new contract assures Anadarko rig access for its deepwater portfolio over the next two years.

A Shell subsidiary awarded theDeepwater Expedition, a fifth-generation, dynamically positioned drillship, a three-well, 90-day contract with 30-day option well for drilling operations offshore Egypt in the eastern Mediterranean Sea. Following the completion of the rig's current contract with Petrobras in October 2005, the drillship will move to Egypt. It will start the 90-day contract in November 2005. Revenues of $22 million could be generated from the contract.

6/13/05