Transocean Inc. obtains contracts for three deepwater rigs

Transocean Inc. says subsidiaries of the company have been awarded contracts for three deepwater drilling rigs – the semisubmersibles Transocean Leader and Jack Bates and drillship Deepwater Discovery.

Transocean Inc. says subsidiaries of the company have been awarded contracts for three deepwater drilling rigs – the semisubmersiblesTransocean Leader and Jack Bates and drillship Deepwater Discovery. The contracts are for drilling programs offshore Norway, the United Kingdom (UK) and Nigeria, respectively.

TheTransocean Leader will work for Statoil, the state oil company of Norway, under an estimated 15-month contract to begin in May following modifications. Revenues could amount to $85.1 million. The Transocean Leader is presently idle in the UK sector of the North Sea.

TheJack Bates will work for Total under a 100-day contract to drill in the UK sector of the North Sea. The contract will begin by April 1, and could generate revenues of $12.5 million.

Affiliates of ExxonMobil contracted theDeepwater Discovery for a two-well, 90-day program offshore Nigeria. The contract began on Feb. 6, 2004 and could generate revenues of $15.7 million.

The rigs are three of Transocean's 32 high-specification offshore drilling units, 28 of which are capable of operating in water depths of 4,500 ft and greater.

(02/17/04)

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