Transocean wins contracts for three international jackup rigs

Oil and Natural Gas Corp. (ONGC), the state-oil company of India has awarded Transocean Inc. subsidiaries contracts for three international jackup rigs.

The ONGC contracts for the three jackup rigs,Trident XII, Ron Tappmeyer, and Randolph Yost, are for a duration of three years each with an expected start date of October 2003, following the completion of each unit's current drilling program and mobilization to India. Revenues expected to be generated from the three contracts total $203 million, exclusive of mobilization fees to be paid for each unit by the customer.

The jackup rigTrident XII is a Baker Marine BMC-class unit with a maximum water depth of 300 ft. The unit is operating offshore Vietnam and is expected to complete its drilling assignment in August 2003.

The jackup rigsRon Tappmeyer and Randolph Yost are Marathon Le Tourneau Class C-116 units with a maximum water depth of 300 ft. The Ron Tappmeyer is expected to complete its drilling assignment offshore Indonesia in August 2003, while the Randolph Yost, operating offshore Equatorial Guinea, is expected to complete its drilling program in July 2003.

07/18/03