Transocean receives contract extensions for Discoverer Enterprise and Deepwater Horizon

BP has extended the contracts on two of Transocean's high-specification deepwater rigs, the drillship Discoverer Enterprise and the semisubmersible Deepwater Horizon.

BP has extended the contracts on two of Transocean's high-specification deepwater rigs, the drillshipDiscoverer Enterprise and the semisubmersible Deepwater Horizon.

TheDiscoverer Enterprise contract extension is for three years and is expected to start in December.

Revenues of $200 million could be generated over the three-year extension. The contract extension for theDeepwater Horizon is for one year and is expected to start in September, with revenues of $60 million possible over the one-year period.

TheDiscoverer Enterprise and Deepwater Horizon, both operating in the US Gulf of Mexico, have been under contract to BP since the rigs began service in December 1999 and September 2001, respectively, and represent two of the company's 32 high-specification floaters, 28 of which are capable of operating in water depths of 4,500 ft or greater. Both rigs are equipped with dynamic positioning technology for maintaining station and are capable of drilling in water depths to 10,000 ft. The Discoverer Enterprise is equipped with the company's patented dual-activity drilling technology, which saves time by allowing drilling tasks to be performed in parallel, rather than sequentially, as with conventional offshore drilling rigs.

04/27/04

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